Guideline Value for LAKSHMANAN STREET

Lakshmanan Street guideline value

The current guideline value of Lakshmanan Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam SRO, classified as Residential Class I Type - II.

How the guideline value of Lakshmanan Street has changed

In the 2007 revision, the guideline value was Rs 4,300 per sq.ft. This increased to Rs 8,000 per sq.ft in the 2012 revision, marking an increase of 86%. However, in the 2017 revision, it decreased to Rs 5,360 per sq.ft, reflecting a decline of 33%. The value rose again to Rs 8,000 per sq.ft in the 2023 revision, and then increased to Rs 8,800 per sq.ft in the 2024 revision, representing a 10% increase.

Overall, from 2007 to 2024, the guideline value has increased by 105%. The register has no figure for this street in 2002 and 2003.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, placing Lakshmanan Street's 2024 figure above this median.

• Kuzhanthai Velu Street: Rs 5,500 per sq.ft (2024)
• Kuzhanthai Gramani Street: Rs 4,900 per sq.ft (2024)
• Kuzhanthai Gramani Lane: Rs 4,900 per sq.ft (2024)
• Kuzhanthai Achari Street: Rs 4,900 per sq.ft (2024)
• Kutti Chetti Street: Rs 5,500 per sq.ft (2024)
• Kuttiappan Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmanan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value is Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000, making the total fees Rs 7,92,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmanan Street?

The Sub Registrar Office that covers Lakshmanan Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a critical factor when registering property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in question. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmanan Street?

The current guideline value of Lakshmanan Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 4,300 per sq.ft to Rs 8,800 per sq.ft in 2024, which is an overall increase of 105%.

What is the land classification for Lakshmanan Street?

Lakshmanan Street is classified as Residential Class I Type - II under the Purasaivakkam SRO.

Where can I find the registration office for Lakshmanan Street?

The registration office for Lakshmanan Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Lakshmanan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, the stamp duty on a property valued at Rs 88,00,000 would be Rs 6,16,000 at a rate of 7%.