Guideline Value for LAKSHMI 1st STREET

LAKSHMI 1st STREET guideline value

The current guideline value of LAKSHMI 1st STREET is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Villivakkam village, under the Villivakkam SRO, and is classified as Residential Class IV Type - II.

How the guideline value of LAKSHMI 1st STREET has changed

The guideline value for LAKSHMI 1st STREET has undergone several revisions over the years. In 2002, the guideline value was Rs 531 per sq.ft, which increased to Rs 950 per sq.ft in 2007, marking a significant rise of 79%. The value then surged to Rs 3,000 per sq.ft in 2012, reflecting a remarkable increase of 216%. However, it saw a decrease of 33% to Rs 2,010 per sq.ft in 2017. The value rose again to Rs 3,000 per sq.ft in 2023, and most recently, it has increased by 10% to Rs 3,300 per sq.ft in 2024.

It is important to note that there is no figure available for LAKSHMI 1st STREET in the 2003 revision. Overall, from 2002 to 2024, the guideline value has increased by 521%.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, making the current value of LAKSHMI 1st STREET below that median.

• LAKSHMI 2nd STREET: Rs 3,300 per sq.ft (2024)
• LAKSHMI 3rd STREET: Rs 3,300 per sq.ft (2024)
• Lakshmi Extn 1st Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Extn 2nd Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Extn 3rd Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Flats: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in LAKSHMI 1st STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LAKSHMI 1st STREET?

The Sub Registrar Office that covers LAKSHMI 1st STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Villivakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately in the official records.

Frequently asked questions

What is the current guideline value of LAKSHMI 1st STREET?

The current guideline value of LAKSHMI 1st STREET is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 531 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 521% over this period.

What is the land classification for LAKSHMI 1st STREET?

LAKSHMI 1st STREET is classified as Residential Class IV Type - II.

Where can I find the Sub Registrar Office for LAKSHMI 1st STREET?

The Sub Registrar Office for LAKSHMI 1st STREET is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000.