Guideline Value for LAKSHMI NAGAR (PA)

Lakshmi Nagar (Pa) guideline value

The current guideline value of Lakshmi Nagar (Pa) is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Ninna Karai village under the Chengleput Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Lakshmi Nagar (Pa) has changed

The guideline value for Lakshmi Nagar (Pa) has seen several revisions over the years. The 2012 revision set the value at Rs 400 per sq.ft, which was then reduced to Rs 268 per sq.ft in the 2017 revision. However, the value increased significantly in the subsequent revisions, reaching Rs 400 per sq.ft in 2023 and Rs 440 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

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

Guideline values in Ninna Karai

Ninna Karai village has a total of 449 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 3,500 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, placing Lakshmi Nagar (Pa) below that median.

• K V Vines Nagar (Sa): Rs 440 per sq.ft (2024)
• Kuravanji Street (Ward -8): Rs 1,321 per sq.ft (2024)
• Kundalakesi Street (N): Rs 1,321 per sq.ft (2024)
• Madha Koil Street (Ward -18): Rs 660 per sq.ft (2024)
• Kumaran Nagar: Rs 990 per sq.ft (2024)
• Kumaranar Street (Ward -5): Rs 1,321 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar (Pa)

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, leading to a total of Rs 39,600. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar (Pa)?

The Chengleput Joint II Sub Registrar Office covers Lakshmi Nagar (Pa). The office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Ninna Karai. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately.

Buyers and sellers should be aware that the guideline value may influence the overall cost of the transaction, as duties are charged based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Lakshmi Nagar (Pa)?

The current guideline value for Lakshmi Nagar (Pa) is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then increased to Rs 400 per sq.ft in 2023, and finally to Rs 440 per sq.ft in 2024.

What is the land classification of Lakshmi Nagar (Pa)?

Lakshmi Nagar (Pa) is classified as Residential Class II Type - II, indicating its use for residential purposes.

What is the registration office for Lakshmi Nagar (Pa)?

The registration office for Lakshmi Nagar (Pa) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is stamp duty calculated for properties in Lakshmi Nagar (Pa)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 4,40,000, the stamp duty at 7% would amount to Rs 30,800.