Guideline Value for LAKSHMI 2nd STREET

LAKSHMI 2nd STREET guideline value

The current guideline value of LAKSHMI 2nd STREET in Villivakkam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Villivakkam Sub Registrar Office (SRO) and is classified as Residential Class IV Type - II.

How the guideline value of LAKSHMI 2nd STREET has changed

The guideline value for LAKSHMI 2nd STREET has undergone several revisions since 2002. The 2002 revision recorded a guideline value of Rs 531 per sq.ft, which increased to Rs 610 per sq.ft in 2003, marking a 15% rise. The value continued to rise significantly, reaching Rs 950 per sq.ft in 2007, a substantial increase of 56% over the previous revision. In 2012, the value saw a notable jump to Rs 3,000 per sq.ft, which was a 216% increase from 2007. However, it then decreased to Rs 2,010 per sq.ft in 2017, reflecting a decline of 33%.

From 2017 to 2023, the value increased sharply to Rs 3,000 per sq.ft, a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year. 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, with a median value of Rs 4,900 per sq.ft. The guideline value of LAKSHMI 2nd STREET is below this median.

• LAKSHMI 1st 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 2nd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers LAKSHMI 2nd STREET?

The LAKSHMI 2nd STREET falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Villivakkam. It is used to determine the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value. This helps in maintaining transparency in property transactions.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of LAKSHMI 2nd STREET?

The current guideline value of LAKSHMI 2nd 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 increased 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 2nd STREET?

LAKSHMI 2nd STREET is classified as Residential Class IV Type - II.

Where can I find the registration office for LAKSHMI 2nd STREET?

The Villivakkam Sub Registrar Office covers LAKSHMI 2nd STREET, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in LAKSHMI 2nd STREET?

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