Guideline Value for Sriganapathy Nagar, Lakshmipuram (Ward-26)

Sriganapathy Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Sriganapathy Nagar, Lakshmipuram (Ward-26) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this locality is Residential Class II Type - I.

How the guideline value of Sriganapathy Nagar, Lakshmipuram (Ward-26) has changed

The guideline value for Sriganapathy Nagar has seen several revisions over the years. In the 2012 revision, the value was Rs 1,500 per sq.ft. This remained unchanged in the 2023 revision, where it was still Rs 1,500 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,600 per sq.ft, marking a 7% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is the same as the current guideline value for Sriganapathy Nagar.

• Sri Ganesh Nagar Annexe (Vinayagapuram): Rs 1,300 per sq.ft (2024)
• Sri Ganapathi Nagar: Rs 2,200 per sq.ft (2024)
• Sri Kandan Nagar: Rs 1,300 per sq.ft (2024)
• Srikandhan Nagar, Ponniammanmedu (Ward-23): Rs 1,600 per sq.ft (2024)
• Sri Krishna Nagar: Rs 2,200 per sq.ft (2024)
• Sri Krishna Nagar (Moolachatram) (Ward-02): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sriganapathy Nagar, Lakshmipuram (Ward-26)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost for these fees Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Sriganapathy Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office that covers Sriganapathy Nagar, Lakshmipuram (Ward-26) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Madhavaram

The guideline value is a crucial factor during the registration of property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a property transaction occurs, the guideline value is used to calculate the applicable fees, ensuring that the government receives the appropriate revenue from property transactions. Buyers and sellers should be aware of the current guideline value to avoid any unexpected costs during the registration process.

Frequently asked questions

What is the current guideline value of Sriganapathy Nagar?

The current guideline value of Sriganapathy Nagar, Lakshmipuram (Ward-26) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased by 7%, going from Rs 1,500 per sq.ft to Rs 1,600 per sq.ft.

What was the guideline value in 2012?

The guideline value in 2012 was Rs 1,500 per sq.ft, which remained unchanged in the 2023 revision.

Which Sub Registrar Office covers this area?

The Madhavaram Sub Registrar Office covers Sriganapathy Nagar, Lakshmipuram (Ward-26), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated in Madhavaram?

Stamp duty in Madhavaram is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 1,12,000.