Guideline Value for LAKSHMI 3rd STREET

LAKSHMI 3rd STREET guideline value

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

How the guideline value of LAKSHMI 3rd STREET has changed

The guideline value for LAKSHMI 3rd STREET has seen several revisions over the years. In 2002, the guideline value was Rs 531 per sq.ft, which increased to Rs 610 per sq.ft in 2003. The value then rose significantly to Rs 950 per sq.ft in 2007, and further increased to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017. From 2017 to 2023, the guideline value rose to Rs 3,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 3,300 per sq.ft.

Overall, from 2002 to 2024, the guideline value has increased by 521%. The changes between revisions include a 15% increase from 2002 to 2003, a 56% increase from 2003 to 2007, a 216% increase from 2007 to 2012, a decrease of 33% from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

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 3rd STREET is below this median.

• LAKSHMI 2nd STREET: Rs 3,300 per sq.ft (2024)
• LAKSHMI 1st 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 3rd STREET

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value is 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, totaling Rs 2,97,000. 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 3rd STREET?

LAKSHMI 3rd STREET is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By 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 property transactions in Villivakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees. Buyers and sellers must consider this value when negotiating the sale price of a property.

When registering a property, the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the transaction is fairly assessed, and the government collects the necessary fees based on the actual value of the property being transferred.

Frequently asked questions

What is the current guideline value of LAKSHMI 3rd STREET?

The current guideline value of LAKSHMI 3rd 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, reflecting an overall increase of 521% over the years.

What is the classification of LAKSHMI 3rd STREET?

LAKSHMI 3rd STREET is classified as Residential Class IV Type - II under the Villivakkam SRO.

How is the stamp duty calculated for properties in LAKSHMI 3rd STREET?

Stamp duty for properties in LAKSHMI 3rd STREET is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for LAKSHMI 3rd STREET located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.