Guideline Value for Visalakshi 3rd Cross Street (Lakshmi amman Nagar)

Visalakshi 3rd Cross Street (Lakshmi amman Nagar) guideline value

The current guideline value for Visalakshi 3rd 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 3rd Cross Street (Lakshmi amman Nagar) has changed

In the 2012 revision, the guideline value was Rs 2,300 per sq.ft. This figure decreased to Rs 1,541 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,300 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,500 per sq.ft, which is a 9% increase from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 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 is Rs 2,500 per sq.ft, which is the same as the guideline value for Visalakshi 3rd Cross Street (Lakshmi amman Nagar).

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

Which Sub Registrar Office covers Visalakshi 3rd Cross Street (Lakshmi amman Nagar)?

The Sub Registrar Office that covers Visalakshi 3rd Cross Street (Lakshmi amman Nagar) 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 Erukancherry

The guideline value is a critical factor during the registration of property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when buying or selling property.

When a property is sold, the buyer must pay stamp duty based on the higher value between the guideline value and the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Visalakshi 3rd Cross Street (Lakshmi amman Nagar)?

The current guideline value for Visalakshi 3rd 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, reflecting a 9% increase. It was Rs 1,541 per sq.ft in 2017, showing a 49% increase from that year to 2023.

What is the land classification for Visalakshi 3rd Cross Street (Lakshmi amman Nagar)?

Visalakshi 3rd Cross Street (Lakshmi amman Nagar) is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property transactions here?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000, and the registration fee would be Rs 50,000, totaling Rs 2,25,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for this area?

The Madhavaram Sub Registrar Office handles registrations for Visalakshi 3rd Cross Street (Lakshmi amman Nagar), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.