Guideline Value for LAKSHMI EXTN 2ND STREET

Lakshmi Extn 2nd Street guideline value

The current guideline value of Lakshmi Extn 2nd 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 2nd Street has changed

The guideline value for Lakshmi Extn 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2012, when it was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017. The 2023 revision increased the value to Rs 3,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, the guideline value rose significantly by 49%. However, from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 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. Lakshmi Extn 2nd Street's guideline value is below this median.

• Lakshmi Extn 1st 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 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, resulting in a total of 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 and to calculate your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Extn 2nd Street?

The Sub Registrar Office that covers Lakshmi Extn 2nd Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the 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 an essential factor in property transactions in Villivakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During registration, the buyer must pay the applicable stamp duty and registration fee based on the guideline value or the sale price, whichever is higher. This process helps to ensure transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Extn 2nd Street?

The current guideline value of Lakshmi Extn 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 changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then back 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 for Lakshmi Extn 2nd Street?

Lakshmi Extn 2nd Street is classified as Residential Class IV Type - II.

Where can I find the Sub Registrar Office for Lakshmi Extn 2nd Street?

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

How is the stamp duty calculated for properties in Lakshmi Extn 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.