Guideline Value for LAKSHMI NAGAR 1ST STREET

Lakshmi Nagar 1st Street guideline value

The current guideline value of Lakshmi Nagar 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Sivabootham village, under the Chennai South Joint I SRO, and is classified as Residential Class I 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 2012 revision set the value at Rs 1,500 per sq.ft, which was later decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then rose again to the current figure of Rs 1,650 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The 2023 to 2024 revision reflects a 10% increase, while the jump from 2017 to 2023 represented a substantial 49% increase. The register has no figure for this street in the years 2002, 2003, and 2007.

Guideline values in Sivabootham

In Sivabootham, there are 39 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,120 to Rs 3,300 per sq.ft. The median value is Rs 1,650 per sq.ft, which is the same as the current guideline value for Lakshmi Nagar 1st Street.

• Lakshmi Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Kurinchi Nagar: Rs 1,650 per sq.ft (2024)
• Maharishir Avenue Extn: Rs 1,650 per sq.ft (2024)
• Maharishi Teacher Colony Main Road: Rs 1,650 per sq.ft (2024)
• Maharishi Teacher Housing Society: Rs 1,650 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 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. It is important to note that 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 information.

Which Sub Registrar Office covers Lakshmi Nagar 1st Street?

The Sub Registrar Office that covers Lakshmi Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Sivabootham. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per government standards.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs involved in the transaction. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

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 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

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

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

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

The Sub Registrar Office for Lakshmi Nagar 1st Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

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 1,000 sq.ft plot at the guideline value of Rs 1,650 per sq.ft, the total fees would amount to Rs 1,48,500.