Guideline Value for LAKSHMANA CHETTY STREET

Lakshmana Chetty Street guideline value

The current guideline value of Lakshmana Chetty Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - II.

How the guideline value of Lakshmana Chetty Street has changed

Over the years, the guideline value of Lakshmana Chetty Street has seen significant changes. The earliest recorded figure is from 2002, with a guideline value of Rs 1,177 per sq.ft. This value increased to Rs 1,307 per sq.ft in 2003, marking an increase of 11%. Following this, the guideline value rose to Rs 2,000 per sq.ft in 2007, reflecting a 53% increase. In 2012, the value reached Rs 5,000 per sq.ft, which was a substantial increase of 150% from the previous revision. However, from 2012 to 2017, the value decreased by 33% to Rs 3,350 per sq.ft.

In 2023, the guideline value increased to Rs 5,000 per sq.ft, and then further rose to the current value of Rs 5,500 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 367%.

Guideline values in Tnagar

In Tnagar village, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median guideline value for these streets is Rs 11,000 per sq.ft, placing Lakshmana Chetty Street's 2024 figure below that median.

• Lakshmi Colony: Rs 6,600 per sq.ft (2024)
• Lakshmikanthan Street: Rs 6,600 per sq.ft (2024)
• Kuppuswamy Street: Rs 6,600 per sq.ft (2024)
• Lakshmi Narashiman Street: Rs 7,700 per sq.ft (2024)
• Lala Garden: Rs 11,000 per sq.ft (2024)
• Lodikhan Road: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmana Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total of Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmana Chetty Street?

The Sub Registrar Office that covers Lakshmana Chetty Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Tnagar. It serves as a benchmark for determining the minimum value at which property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

Additionally, the guideline value ensures transparency in property transactions, helping to prevent undervaluation and ensuring that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Lakshmana Chetty Street?

The current guideline value of Lakshmana Chetty Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,177 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, representing an overall increase of 367% over this period.

What is the land classification for Lakshmana Chetty Street?

Lakshmana Chetty Street is classified as Residential Class III Type - II, which indicates its zoning for residential purposes.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2%. For a 1,000 sq.ft plot, the total costs can amount to Rs 4,95,000.

Where can I find the Sub Registrar Office for Lakshmana Chetty Street?

The Sub Registrar Office for Lakshmana Chetty Street is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find more details through the provided link.