Guideline Value for Teachers Colony Extension (Lakshmipuram)

Teachers Colony Extension (Lakshmipuram) guideline value

The current guideline value for Teachers Colony Extension (Lakshmipuram) is Rs 2,450 per sq.ft, effective from the 2024 revision. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Industries Type - I.

How the guideline value of Teachers Colony Extension (Lakshmipuram) has changed

Over the years, the guideline value of Teachers Colony Extension (Lakshmipuram) has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which decreased to Rs 1,541 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023 and is now set at Rs 2,450 per sq.ft from July 1, 2024. The register has no figure for the years 2002, 2003, and 2007.

In terms of percentage changes, the value increased by 49% from 2017 to 2023 and by 7% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 23%.

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 value for these streets is Rs 1,600 per sq.ft, making the guideline value for Teachers Colony Extension (Lakshmipuram) above this median.

• Teachers Colony Extension, Lakshmipuram (Ward-26): Rs 2,450 per sq.ft (2024)
• Teachers Colony Kadappah Road (Ward-26): Rs 2,450 per sq.ft (2024)
• Teachers Colony 7th Main Road (Ward No.26): Rs 2,450 per sq.ft (2024)
• Teacher's Colony (Lakshmipuram): Rs 2,450 per sq.ft (2024)
• Teachers Colony 7th cross st (Ward No.26): Rs 2,450 per sq.ft (2024)
• Teachers Colony, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Teachers Colony Extension (Lakshmipuram)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,450 per sq.ft, the total guideline value would be Rs 24,50,000. The stamp duty at 7% would amount to Rs 1,71,500, and the registration fee at 2% would be Rs 49,000, bringing the total fees to Rs 2,20,500. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Teachers Colony Extension (Lakshmipuram)?

The Sub Registrar Office that covers Teachers Colony Extension (Lakshmipuram) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is bought or sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Teachers Colony Extension (Lakshmipuram)?

The current guideline value for Teachers Colony Extension (Lakshmipuram) is Rs 2,450 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and is now Rs 2,450 per sq.ft in 2024.

What is the land classification for Teachers Colony Extension (Lakshmipuram)?

Teachers Colony Extension (Lakshmipuram) is classified as Industries Type - I, which indicates its suitability for industrial use.

Where can I find the registration office for this area?

The registration office for Teachers Colony Extension (Lakshmipuram) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Teachers Colony Extension (Lakshmipuram)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 24,50,000, the stamp duty would be Rs 1,71,500 at 7%.