Guideline Value for LAKSHMANA NAGAR 1ST STREET

Lakshmana Nagar 1st Street guideline value

The current guideline value of Lakshmana Nagar 1st Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class II Type - I.

How the guideline value of Lakshmana Nagar 1st Street has changed

Over the years, the guideline value of Lakshmana Nagar 1st Street has seen significant changes. In 2007, the value was Rs 1,200 per sq.ft, which increased to Rs 3,500 per sq.ft in 2012, marking a 192% increase. However, it then decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,900 per sq.ft following an 11% increase from the previous year.

Notably, the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 225%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets registered under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, placing Lakshmana Nagar 1st Street above this median at Rs 3,900 per sq.ft.

• Lakshmana Nagar: Rs 3,900 per sq.ft (2024)
• Lakshmana Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Lakshmana Nagar 3rd Street: Rs 3,900 per sq.ft (2024)
• Kuppam 6th Street: Rs 1,000 per sq.ft (2024)
• Kuppam 5th Street: Rs 1,000 per sq.ft (2024)
• Kuppam 4th Street: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmana Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees to Rs 3,51,000. 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 details.

Which Sub Registrar Office covers Lakshmana Nagar 1st Street?

The Sub Registrar Office that covers Lakshmana Nagar 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Palavakkam. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmana Nagar 1st Street?

The current guideline value of Lakshmana Nagar 1st Street is Rs 3,900 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 1,200 per sq.ft in 2007 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 225% over the years.

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

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which office handles registrations in Lakshmana Nagar 1st Street?

The Neelankarai Sub Registrar Office handles registrations for Lakshmana Nagar 1st Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

How is the guideline value determined for properties?

The guideline value is determined by the government and is based on various factors, including location and property classification. It is essential for calculating the stamp duty and registration fees during property transactions.