Guideline Value for LAKSHMANA NAGAR 2ND STREET

Lakshmana Nagar 2nd Street guideline value

The current guideline value of Lakshmana Nagar 2nd 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 2nd Street has changed

The guideline value of Lakshmana Nagar 2nd Street has undergone several revisions over the years. In 2007, the guideline value was Rs 1,200 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 192%. However, it then decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 3,500 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 3,900 per sq.ft, reflecting an 11% increase from the previous year.

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

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Lakshmana Nagar 2nd Street's 2024 figure above the median.

• Lakshmana Nagar 1st Street: Rs 3,900 per sq.ft (2024)
• Lakshmana Nagar 3rd Street: Rs 3,900 per sq.ft (2024)
• Lakshmana Nagar: 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 2nd 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 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 detailed calculations.

Which Sub Registrar Office covers Lakshmana Nagar 2nd Street?

The Lakshmana Nagar 2nd Street is covered by 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 during the registration of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two figures is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction adheres to legal and regulatory requirements.

Frequently asked questions

What is the current guideline value of Lakshmana Nagar 2nd Street?

The current guideline value of Lakshmana Nagar 2nd 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 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 is the land classification for Lakshmana Nagar 2nd Street?

Lakshmana Nagar 2nd Street is classified as Residential Class II Type - I under the Neelankarai SRO.

What are the stamp duty rates applicable?

The stamp duty for property transactions in Lakshmana Nagar 2nd Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.