Guideline Value for LAKSHMI COLONY

Lakshmi Colony guideline value

The current guideline value of Lakshmi Colony, located in Tnagar village under the Thiyagaraya nagar SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Lakshmi Colony has changed

The guideline value for Lakshmi Colony has undergone several revisions over the years. In 2002, the value was Rs 1,446 per sq.ft, which increased to Rs 1,605 per sq.ft in 2003, marking an increase of 11%. The value then rose significantly to Rs 3,000 per sq.ft in 2007, reflecting an 87% increase. In 2012, the value was recorded at Rs 6,000 per sq.ft, which was a 100% increase from the previous revision. However, the value dropped to Rs 4,020 per sq.ft in 2017, representing a decline of 33%. The subsequent revision in 2023 saw the value increase to Rs 6,000 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 6,600 per sq.ft, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 356%. The register has no figures for the years not mentioned in this summary.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 27,500 per sq.ft, with a median value of Rs 11,000 per sq.ft. The guideline value of Lakshmi Colony is below this median.

• Lakshmikanthan Street: Rs 6,600 per sq.ft (2024)
• Lakshmana Chetty Street: Rs 5,500 per sq.ft (2024)
• Lakshmi Narashiman Street: Rs 7,700 per sq.ft (2024)
• Kuppuswamy Street: Rs 6,600 per sq.ft (2024)
• Lala Garden: Rs 11,000 per sq.ft (2024)
• Lodikhan Road: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, resulting in a total cost of Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Colony?

The Sub Registrar Office that covers Lakshmi Colony is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Tnagar. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs associated with property transactions. This ensures transparency and compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Lakshmi Colony?

The current guideline value of Lakshmi Colony is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,446 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, showing an overall increase of 356% over the years.

What is the land classification of Lakshmi Colony?

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

Where can I find the Thiyagaraya nagar Sub Registrar Office?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How is stamp duty calculated for properties in Lakshmi Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 6,600 per sq.ft, the total stamp duty would be Rs 4,62,000.