Guideline Value for LAKSHMANA NAGAR

Lakshmana Nagar guideline value

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

How the guideline value of Lakshmana Nagar has changed

The guideline value for Lakshmana Nagar has seen several revisions over the years. In 2002, the value was Rs 245 per sq.ft, which increased to Rs 274 per sq.ft in 2003. Following that, the value rose significantly to Rs 1,200 per sq.ft in 2007, marking an increase of 338%. The 2012 revision saw the value remain at Rs 3,500 per sq.ft, but it then dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The value increased again to Rs 3,500 per sq.ft in 2023, and finally, it has reached Rs 3,900 per sq.ft in 2024, reflecting an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1492%. There are no figures available for the revisions of the years not mentioned in the register 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, with a median value of Rs 3,300 per sq.ft. The guideline value of Lakshmana Nagar is above this median.

• Lakshmana Nagar 1st Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to 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 duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmana Nagar?

The Sub Registrar Office that covers Lakshmana Nagar 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 is a crucial factor when registering property transactions in Palavakkam. It serves as a benchmark for determining the minimum value of the property, ensuring that the registration reflects a fair value based on the current market conditions.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the stamp duty and registration fees payable at the time of registration. Buyers should ensure that the sale price is not lower than the guideline value to avoid complications during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmana Nagar?

The current guideline value of Lakshmana Nagar 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 increased from Rs 245 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1492% over this period.

What is the land classification for Lakshmana Nagar?

Lakshmana Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the registration fees for property in Lakshmana Nagar?

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.

Where is the Neelankarai Sub Registrar Office located?

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