Guideline Value for Visalakshi 2nd Cross Street (Lakshmi amman Nagar)

Visalakshi 2nd Cross Street (Lakshmi amman Nagar) guideline value

The current guideline value of Visalakshi 2nd Cross Street (Lakshmi amman Nagar) is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Visalakshi 2nd Cross Street (Lakshmi amman Nagar) has changed

Over the years, the guideline value for Visalakshi 2nd Cross Street (Lakshmi amman Nagar) has seen several revisions. The 2012 revision set the value at Rs 2,300 per sq.ft, which was followed by a decrease to Rs 1,541 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 2,300 per sq.ft in the 2023 revision, and then to Rs 2,500 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The overall change from the 2012 revision to the 2024 revision shows a modest increase of 9%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

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, with the median value being Rs 2,500 per sq.ft. The guideline value for Visalakshi 2nd Cross Street (Lakshmi amman Nagar) aligns exactly with this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, while the registration fee at 2% would be Rs 50,000, bringing the total charges to Rs 2,25,000. 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 detailed calculations.

Which Sub Registrar Office covers Visalakshi 2nd Cross Street (Lakshmi amman Nagar)?

The Sub Registrar Office that covers Visalakshi 2nd 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 plays a crucial role in property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall cost of the transaction. The registration process requires that the property be valued at or above the guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Visalakshi 2nd Cross Street?

The current guideline value of Visalakshi 2nd 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 2023 to Rs 2,500 per sq.ft in 2024, which is a 9% increase. It was Rs 1,541 per sq.ft in 2017 and Rs 2,300 per sq.ft in 2012.

What is the land classification of Visalakshi 2nd Cross Street?

Visalakshi 2nd Cross Street (Lakshmi amman Nagar) is classified as Residential Class III Type - I.

Where is the Sub Registrar Office for this street located?

The Madhavaram Sub Registrar Office, which covers Visalakshi 2nd Cross Street, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at a rate of 7%.