Guideline Value for LAKSHMI NAGAR / A.S.P. NAGAR

Lakshmi Nagar / A.S.P. Nagar guideline value

The current guideline value of Lakshmi Nagar / A.S.P. Nagar is Rs 1,001 per sq.ft, effective from the 2024 revision. This area is located in Chinnasekkadu village under the Thiruvottiyur SRO, classified as Residential Class II Type - I.

How the guideline value of Lakshmi Nagar / A.S.P. Nagar has changed

The guideline value for Lakshmi Nagar / A.S.P. Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 62 per sq.ft, which increased to Rs 73 per sq.ft in 2003, marking an 18% rise. The value continued to rise, reaching Rs 200 per sq.ft in 2007, a significant increase of 174%. By 2012, the value was Rs 600 per sq.ft, reflecting a 200% increase from the previous revision. However, the 2017 revision saw a decrease to Rs 402 per sq.ft, a drop of 33% from 2012. The guideline value then increased to Rs 1,000 per sq.ft in 2023, a rise of 149%. The most recent revision in 2024 set the value at Rs 1,001 per sq.ft, showing no change from the previous year.

There are no figures available in the register for the years not mentioned above. Overall, from 2002 to 2024, the guideline value has increased by 1,515%.

Guideline values in Chinnasekkadu

In Chinnasekkadu village, there are 49 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 2,200 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value for Lakshmi Nagar / A.S.P. Nagar is below this median.

• Kumari Anandan Street: Rs 1,300 per sq.ft (2024)
• Kumaran Street: Rs 1,001 per sq.ft (2024)
• Mahatma Gandhi Street: Rs 1,300 per sq.ft (2024)
• Krishnan Street / Krishnan Koil Street: Rs 1,300 per sq.ft (2024)
• Manickam Street / Manicka Naickar Street: Rs 1,001 per sq.ft (2024)
• Manicka Vasagar Street: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar / A.S.P. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,001 per sq.ft, the total guideline value would be Rs 10,01,000. The stamp duty at 7% would amount to Rs 70,070, and the registration fee at 2% would be Rs 20,020, bringing the total charges to Rs 90,090. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Lakshmi Nagar / A.S.P. Nagar?

The Lakshmi Nagar / A.S.P. Nagar area falls under the Thiruvottiyur Sub Registrar Office located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process for property transactions in Chinnasekkadu. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value set by the government.

When buying or selling property, the guideline value helps determine the legal and financial obligations involved. It is essential for both buyers and sellers to be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar / A.S.P. Nagar?

The current guideline value of Lakshmi Nagar / A.S.P. Nagar is Rs 1,001 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 62 per sq.ft in 2002 to Rs 1,001 per sq.ft in 2024, marking an overall increase of 1,515% over this period.

What is the stamp duty rate for property in Lakshmi Nagar / A.S.P. Nagar?

The stamp duty rate for property transactions in Lakshmi Nagar / A.S.P. Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this area?

The Thiruvottiyur Sub Registrar Office, which covers Lakshmi Nagar / A.S.P. Nagar, is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification for Lakshmi Nagar / A.S.P. Nagar?

Lakshmi Nagar / A.S.P. Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.