Guideline Value for LAKSHMI COLONY EXTN

Lakshmi Colony Extn guideline value

The current guideline value of Lakshmi Colony Extn is Rs 2,530 per sq.ft, effective from 1 July 2024. This area is located in Kilkattalai village under the Pallavaram SRO and is classified as Residential Class I Type - II.

How the guideline value of Lakshmi Colony Extn has changed

The guideline value for Lakshmi Colony Extn has seen several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which was then reduced to Rs 1,541 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,300 per sq.ft, and the latest 2024 revision raised it further to Rs 2,530 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,530 per sq.ft, which is the same as the current value for Lakshmi Colony Extn.

• Lakshmi Colony: Rs 2,530 per sq.ft (2024)
• Lake view Street (Erikkarai Street): Rs 2,530 per sq.ft (2024)
• Lakshmiram Nagar: Rs 2,160 per sq.ft (2024)
• Kumaran Nagar Saroja Ammal Street: Rs 2,530 per sq.ft (2024)
• Kumaran Nagar: Rs 2,530 per sq.ft (2024)
• Kumaran Colony: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Colony Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total fees together to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lakshmi Colony Extn?

The Sub Registrar Office that covers Lakshmi Colony Extn 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 further assistance.

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

The guideline value is a crucial factor in property transactions in Kilkattalai. It is used to determine the stamp duty and registration fees that are applicable during the sale or purchase of property in the area.

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

Frequently asked questions

What is the current guideline value of Lakshmi Colony Extn?

The current guideline value of Lakshmi Colony Extn is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,530 per sq.ft in 2024.

What is the land classification for Lakshmi Colony Extn?

Lakshmi Colony Extn is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Lakshmi Colony Extn?

The Pallavaram Sub Registrar Office covers Lakshmi Colony Extn and is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Kilkattalai?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100 at a rate of 7%.