Guideline Value for LAKSHMI NAGAR 1ST STREET

Lakshmi Nagar 1st Street guideline value

The current guideline value of Lakshmi Nagar 1st Street in Paruthipattu village is Rs 950 per sq.ft, effective from 1 July 2024. This area falls under the Avadi SRO and is classified as Residential Class II Type - I.

How the guideline value of Lakshmi Nagar 1st Street has changed

The guideline value for Lakshmi Nagar 1st Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 139 per sq.ft. This value increased to Rs 160 per sq.ft in 2003, marking a 15% rise. The subsequent revision in 2007 brought the guideline value to Rs 350 per sq.ft, reflecting a significant increase of 119%. In 2012, the value was Rs 900 per sq.ft, which was a 157% increase from the previous revision. However, in 2017, the guideline value decreased to Rs 603 per sq.ft, a drop of 33%. The value rose again to Rs 900 per sq.ft in 2023, before reaching the current value of Rs 950 per sq.ft in 2024, which is a 6% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 583%. It is important to note that there are no figures available for the revisions in years not mentioned in this summary.

Guideline values in Paruthipattu

In Paruthipattu, there are 486 streets under the Avadi SRO that have a 2024 guideline value ranging from Rs 801 to Rs 4,730 per sq.ft, with a median value of Rs 1,625 per sq.ft. The guideline value for Lakshmi Nagar 1st Street is below this median.

• Lakshmi Main Road: Rs 990 per sq.ft (2024)
• Lakshmi Green City Phase 1: Rs 1,540 per sq.ft (2024)
• Lakshmi Green City: Rs 1,540 per sq.ft (2024)
• Lakshmi Garden: Rs 950 per sq.ft (2024)
• Lakshmi Nagar, Govarthanagiri: Rs 1,625 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 1,625 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value would be Rs 9,50,000. The stamp duty, charged at 7%, would amount to Rs 66,500, while the registration fee at 2% would be Rs 19,000. Together, these fees would total Rs 85,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar 1st Street?

The Sub Registrar Office that covers Lakshmi Nagar 1st Street is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Paruthipattu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, thus making it essential to understand the current guideline values in the area.

Frequently asked questions

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

The current guideline value of Lakshmi Nagar 1st Street is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 139 per sq.ft in 2002 to Rs 950 per sq.ft in 2024, showing an overall increase of 583% over this period.

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

Lakshmi Nagar 1st Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Lakshmi Nagar 1st Street?

The Avadi Sub Registrar Office covers Lakshmi Nagar 1st Street and is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 9,50,000, the stamp duty would be Rs 66,500 and the registration fee would be Rs 19,000, totaling Rs 85,500.