Guideline Value for LAKSHMANAN NAGAR 1 TO 10 STREETS

Lakshmanan Nagar 1 To 10 Streets guideline value

The current guideline value for Lakshmanan Nagar 1 To 10 Streets is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Thirusulam village under the Pallavaram SRO, classified as Residential Class II Type - II.

How the guideline value of Lakshmanan Nagar 1 To 10 Streets has changed

The guideline value for Lakshmanan Nagar 1 To 10 Streets has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. In 2023, the value increased to Rs 2,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

There are also revisions from 2002, 2003, and 2007, but the register has no figure for this street in those years. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thirusulam

In Thirusulam, there are 74 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,080 to Rs 2,750 per sq.ft, with a median value of Rs 1,940 per sq.ft. The guideline value for Lakshmanan Nagar 1 To 10 Streets is above this median, indicating a higher valuation compared to many other streets in the village.

• Lakshmanan Nagar Highway Salai: Rs 1,940 per sq.ft (2024)
• Kumaran Street: Rs 2,200 per sq.ft (2024)
• Madras Dock Labour Colony: Rs 2,200 per sq.ft (2024)
• Kodi Malar Street: Rs 2,200 per sq.ft (2024)
• Kennady Veli Main Salai: Rs 1,940 per sq.ft (2024)
• Kennady Valley 1 to 3 Cross Streets: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmanan Nagar 1 To 10 Streets

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmanan Nagar 1 To 10 Streets?

The Sub Registrar Office covering Lakshmanan Nagar 1 To 10 Streets is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a critical role in the registration process when buying or selling property in Thirusulam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is considered to ensure that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmanan Nagar 1 To 10 Streets?

The current guideline value for Lakshmanan Nagar 1 To 10 Streets is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Lakshmanan Nagar 1 To 10 Streets?

The land classification for Lakshmanan Nagar 1 To 10 Streets is Residential Class II Type - II.

Where can I find the Sub Registrar Office for Lakshmanan Nagar 1 To 10 Streets?

The Sub Registrar Office for Lakshmanan Nagar 1 To 10 Streets is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Lakshmanan Nagar 1 To 10 Streets?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.