Guideline Value for LAKSHMANAN NAGAR & MAIN ROAD

Lakshmanan Nagar & Main Road guideline value

The current guideline value for Lakshmanan Nagar & Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Perungudi village, under the Neelankarai SRO, and is classified as Residential Special Type - IV.

How the guideline value of Lakshmanan Nagar & Main Road has changed

The guideline value for Lakshmanan Nagar & Main Road has seen several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 2,500 per sq.ft. This increased to Rs 5,000 per sq.ft in 2012, marking a 100% rise. However, it then decreased to Rs 3,350 per sq.ft in 2017, which is a decline of 33%. Following this, the value surged to Rs 5,000 per sq.ft in 2023, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 120%.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making the current guideline value for Lakshmanan Nagar & Main Road above this median.

• Lakshmana Nagar C.B.I.Colony: Rs 5,500 per sq.ft (2024)
• Lakshmanan 2nd (Cross) Street: Rs 5,500 per sq.ft (2024)
• Lakshmanan 1st (Cross) Street: Rs 5,500 per sq.ft (2024)
• Kurunchi Nagar 9th Cross Street: Rs 3,300 per sq.ft (2024)
• Kurunchi Nagar 8th Cross Street: Rs 3,300 per sq.ft (2024)
• Kurunchi Nagar 7th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmanan Nagar & Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmanan Nagar & Main Road?

The Sub Registrar Office that covers Lakshmanan Nagar & Main Road is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor in property transactions in Perungudi, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with registration requirements and to calculate applicable fees.

When a property is sold, the guideline value is used to assess the stamp duty and registration fees, which are based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Lakshmanan Nagar & Main Road?

The current guideline value for Lakshmanan Nagar & Main Road 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 increased from Rs 2,500 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 120% over this period.

What are the stamp duty rates applicable in Lakshmanan Nagar & Main Road?

The stamp duty rate for properties in Lakshmanan Nagar & Main Road is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles property registration for this area?

The Neelankarai Sub Registrar Office handles property registration for Lakshmanan Nagar & Main Road, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

Where can I find more information about other streets in Perungudi?

For more information on other streets in Perungudi and their guideline values, you can refer to the specific links provided for each street.