Guideline Value for LAKSHMI FLATS

Lakshmi Flats guideline value

The current guideline value of Lakshmi Flats in Villivakkam village, under the Villivakkam SRO, is Rs 13,200 per sq.ft as per the 2024 revision effective from 1 July 2024. This property falls under the Residential Class I Type - I land classification.

How the guideline value of Lakshmi Flats has changed

The guideline value for Lakshmi Flats has seen significant changes over the years. In the 2002 revision, the value was Rs 1,232 per sq.ft. This increased to Rs 1,405 per sq.ft in 2003, marking a 14% rise. The value further increased to Rs 1,750 per sq.ft in 2007, which was a 25% change. The 2012 revision recorded a decrease to Rs 12,000 per sq.ft, a drop of 586% from the previous figure. The value then rose to Rs 8,040 per sq.ft in 2017, reflecting a 49% increase. In 2023, the value was Rs 12,000 per sq.ft, and it saw a 10% increase to the current value of Rs 13,200 per sq.ft in 2024.

There are no figures available in the register for the years that do not have a specified value for this street. Overall, from 2002 to 2024, the guideline value has increased by 971%.

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. The median value in this area is Rs 4,900 per sq.ft, placing Lakshmi Flats above that median.

• Lakshmi Extn 3rd Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Extn 2nd Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Extn 1st Street: Rs 3,300 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 Flats

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total to Rs 11,88,000. 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 further calculations.

Which Sub Registrar Office covers Lakshmi Flats?

The Lakshmi Flats property 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 when registering property transactions in Villivakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction reflects the prevailing market conditions.

When a property is sold, the buyer must pay stamp duty and registration fees 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 area.

Frequently asked questions

What is the current guideline value of Lakshmi Flats?

The current guideline value of Lakshmi Flats is Rs 13,200 per sq.ft as per the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 1,232 per sq.ft in 2002 to Rs 13,200 per sq.ft in 2024, marking an overall increase of 971%.

What are the stamp duty and registration fees for Lakshmi Flats?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 11,88,000.

Which Sub Registrar Office covers Lakshmi Flats?

The Villivakkam Sub Registrar Office covers Lakshmi Flats, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the median guideline value in Villivakkam?

The median guideline value in Villivakkam is Rs 4,900 per sq.ft, with Lakshmi Flats being valued above this median at Rs 13,200 per sq.ft.