Guideline Value for Visalakshi 5th Cross Street (Lakshmi amman Nagar)

Visalakshi 5th Cross Street (Lakshmi amman Nagar) guideline value

The current guideline value of Visalakshi 5th 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, and is classified as Residential Class III Type - I.

How the guideline value of Visalakshi 5th Cross Street (Lakshmi amman Nagar) has changed

The guideline value for Visalakshi 5th 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. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and currently stands at Rs 2,500 per sq.ft as of the 2024 revision. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, the changes are as follows: from 2017 to 2023, there was an increase of 49%, while from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, 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 means that the guideline value of Visalakshi 5th Cross Street is equal to this median.

• Visalakshi 4th 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 2nd 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 5th 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 or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Visalakshi 5th Cross Street (Lakshmi amman Nagar)?

The Sub Registrar Office that covers Visalakshi 5th 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 details.

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

The guideline value is a crucial factor when buying or selling property in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. The higher of the guideline value and the sale price will be considered for calculating these fees.

When registering a property, the guideline value ensures that the transaction is recorded at a fair price, which helps in maintaining transparency in the real estate market. Buyers and sellers should be aware of the current guideline values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Visalakshi 5th Cross Street?

The current guideline value of Visalakshi 5th 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 in 2023, and finally to Rs 2,500 in 2024.

What is the land classification for Visalakshi 5th Cross Street?

Visalakshi 5th Cross Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for a property 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.

Which Sub Registrar Office covers this area?

The Madhavaram Sub Registrar Office covers Visalakshi 5th Cross Street (Lakshmi amman Nagar), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.