Guideline Value for Vivekananda St, Lakshmipuram (Ward-25)

Vivekananda St, Lakshmipuram (Ward-25) guideline value

The current guideline value for Vivekananda St, Lakshmipuram (Ward-25) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vivekananda St, Lakshmipuram (Ward-25) has changed

The guideline value for Vivekananda St has seen several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which was then increased to Rs 1,500 per sq.ft in the 2023 revision. The most recent 2024 revision has further raised the guideline value to Rs 1,600 per sq.ft, marking a 7% increase from 2023. Overall, from 2017 to 2024, the guideline value has increased by 59%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street. The significant change from 2017 to 2023 was a 49% increase, reflecting a notable adjustment in the guideline value over this period.

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 guideline value for these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value of Vivekananda St.

• Vivekananda St (Ward No.25): Rs 1,600 per sq.ft (2024)
• Vishnu Nagar Extension: Rs 1,300 per sq.ft (2024)
• V.N.G. Nagar / Street: Rs 1,300 per sq.ft (2024)
• V.N.G. Road (Ward-02): Rs 1,300 per sq.ft (2024)
• V.N.G.Road (Ward No.2): Rs 1,300 per sq.ft (2024)
• Vishnu Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekananda St, Lakshmipuram (Ward-25)

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. 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 information.

Which Sub Registrar Office covers Vivekananda St, Lakshmipuram (Ward-25)?

The Vivekananda St, Lakshmipuram (Ward-25) is covered by 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 when registering property transactions in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the established value of the property.

Frequently asked questions

What is the current guideline value for Vivekananda St, Lakshmipuram (Ward-25)?

The current guideline value for Vivekananda St, Lakshmipuram (Ward-25) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2017 to 2024?

From 2017 to 2024, the guideline value has increased by 59%, rising from Rs 1,005 per sq.ft to Rs 1,600 per sq.ft.

What is the stamp duty for property on Vivekananda St?

The stamp duty for property on Vivekananda St is calculated at 7% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Vivekananda St?

Vivekananda St is classified as Residential Class II Type - I, indicating its designation for residential use within the area.