Guideline Value for LAKSHMI EXTN 1ST STREET

Lakshmi Extn 1st Street guideline value

The current guideline value of Lakshmi Extn 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 Extn 1st Street has changed

The guideline value for Lakshmi Extn 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the most recent 2024 revision has set it at Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

In summary, the change from the 2017 revision to the 2023 revision was a significant increase of 49%. The overall change from the 2012 revision to the 2024 revision shows a modest increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 Extn 1st Street at Rs 3,300 per sq.ft is below this median.

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

Stamp duty and registration fee for property in Lakshmi Extn 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, calculated at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total costs to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Extn 1st Street?

The Sub Registrar Office that covers Lakshmi Extn 1st Street is 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 details.

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

The guideline value is a crucial factor in the registration process of property transactions in Villivakkam. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation of the property.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall transaction costs. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Lakshmi Extn 1st Street?

The current guideline value of Lakshmi Extn 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 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Lakshmi Extn 1st Street?

Lakshmi Extn 1st Street is classified as Residential Class IV Type - II.

What is the stamp duty for property in Lakshmi Extn 1st Street?

The stamp duty for property in Lakshmi Extn 1st Street is calculated at 7% of the guideline value. For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000.

Which office handles the registration for Lakshmi Extn 1st Street?

The Villivakkam Sub Registrar Office handles the registration for Lakshmi Extn 1st Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.