Guideline Value for LAKSHMANA NAGAR 3RD STREET

Lakshmana Nagar 3rd Street guideline value

The current guideline value of Lakshmana Nagar 3rd 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 3rd Street has changed

The guideline value for Lakshmana Nagar 3rd Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,200 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in 2017. Following this, the value rose to Rs 3,500 per sq.ft in 2023, and the most recent 2024 revision has set the value at Rs 3,900 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

In terms of percentage changes, from 2007 to 2012, there was an increase of 192%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023 and saw an additional rise of 11% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 225%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a 2024 guideline value 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 3rd Street's 2024 figure above this median.

• Lakshmana Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Lakshmana Nagar 1st 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 3rd 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 be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees together 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 precise calculations.

Which Sub Registrar Office covers Lakshmana Nagar 3rd Street?

The Sub Registrar Office that covers Lakshmana Nagar 3rd 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 more information.

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

The guideline value plays a crucial role in the registration of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered and is used to calculate stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, protecting both the buyer and seller. It is essential for buyers to be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Lakshmana Nagar 3rd Street?

The current guideline value of Lakshmana Nagar 3rd 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, marking an overall increase of 225%.

What is the land classification for Lakshmana Nagar 3rd Street?

Lakshmana Nagar 3rd Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Lakshmana Nagar 3rd Street?

The Neelankarai Sub Registrar Office covers Lakshmana Nagar 3rd Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Lakshmana Nagar 3rd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current rate, the total stamp duty would be Rs 2,73,000.