Guideline Value for LAKSHMI NAGAR 2ND CROSS STREET

Lakshmi Nagar 2nd Cross Street guideline value

The current guideline value of Lakshmi Nagar 2nd Cross Street is Rs 2,160 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Lakshmi Nagar 2nd Cross Street has changed

The guideline value for Lakshmi Nagar 2nd Cross Street has undergone several revisions over the years. The 2012 revision set the guideline value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the latest 2024 revision has increased the value to Rs 2,160 per sq.ft, representing a significant increase of 61% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a slight increase of 8%. It is important to note that the register does not contain figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value in this village is Rs 3,300 per sq.ft, placing Lakshmi Nagar 2nd Cross Street's 2024 figure below that median.

• Lakshmi Nagar Extn.: Rs 2,160 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,160 per sq.ft (2024)
• Lakshmi Garden: Rs 2,100 per sq.ft (2024)
• Lakshmiram Nagar: Rs 2,750 per sq.ft (2024)
• Lake View Street: Rs 2,750 per sq.ft (2024)
• Lalbagadursasthri 1st Cross 1st Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, while the registration fee at 2% would be Rs 43,200. Together, the total amount for stamp duty and registration fees would be Rs 1,94,400. It is important to note that 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 assistance.

Which Sub Registrar Office covers Lakshmi Nagar 2nd Cross Street?

The Sub Registrar Office that covers Lakshmi Nagar 2nd Cross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value, whether it is sold for more or less than the guideline value.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar 2nd Cross Street?

The current guideline value of Lakshmi Nagar 2nd Cross Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,160 per sq.ft in 2024. This marks a decrease of 33% from 2012 to 2017, followed by a 61% increase from 2017 to 2024.

What is the land classification of Lakshmi Nagar 2nd Cross Street?

Lakshmi Nagar 2nd Cross Street is classified as Residential Class III Type - I.

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

The Sub Registrar Office for Lakshmi Nagar 2nd Cross Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in Zaminpallavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 21,60,000, the stamp duty at 7% would be Rs 1,51,200.