Guideline Value for Visalakshi 1st Cross Street (Lakshmi amman Nagar)

Visalakshi 1st Cross Street (Lakshmi amman Nagar) guideline value

The current guideline value for Visalakshi 1st Cross Street (Lakshmi amman Nagar) is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Visalakshi 1st Cross Street (Lakshmi amman Nagar) has changed

The guideline value for Visalakshi 1st Cross Street has seen several revisions over the years. In 2012, the value was Rs 2,300 per sq.ft, which decreased to Rs 1,541 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 2,300 per sq.ft, and the current 2024 revision has set it at Rs 2,500 per sq.ft. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased significantly by 49%. The change from 2023 to 2024 is a positive 9%. Overall, comparing the figures from 2012 to 2024, there is a slight increase of 9%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Visalakshi 1st Cross Street at the median.

• Visalakshi 1st Cross Street (M.R. Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 2nd Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 3rd Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 4th Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 5th Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Visalakshi 1st Cross Street (Lakshmi amman Nagar)

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Visalakshi 1st Cross Street (Lakshmi amman Nagar)?

The Sub Registrar Office that covers Visalakshi 1st Cross Street (Lakshmi amman Nagar) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Erukancherry, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and transparently. It helps in preventing undervaluation and ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Visalakshi 1st Cross Street (Lakshmi amman Nagar)?

The current guideline value for Visalakshi 1st Cross Street (Lakshmi amman Nagar) is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then back to Rs 2,300 per sq.ft in 2023, and now to Rs 2,500 per sq.ft in 2024. There are no figures available for the years 2002, 2003, and 2007 for this street.

What is the land classification for Visalakshi 1st Cross Street (Lakshmi amman Nagar)?

Visalakshi 1st Cross Street (Lakshmi amman Nagar) is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in the area.

How is stamp duty calculated for properties in Visalakshi 1st Cross Street (Lakshmi amman Nagar)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000, leading to a stamp duty of Rs 1,75,000.