Guideline Value for LAKSHMI NAGAR EXTENSION

Lakshmi Nagar Extension guideline value

The current guideline value of Lakshmi Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - III.

How the guideline value of Lakshmi Nagar Extension has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a reduction of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, which represents a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Lakshmi Nagar Extension's 2024 figure below this median.

• LAKSHMI NAGAR 1st STREET: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,200 per sq.ft (2024)
• Lake View Road: Rs 2,200 per sq.ft (2024)
• Loyal Enclave: Rs 2,800 per sq.ft (2024)
• Mada Koil Street: Rs 4,400 per sq.ft (2024)
• Madha Koil 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value is Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lakshmi Nagar Extension?

The Lakshmi Nagar Extension area is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

When buying or selling property in Okkiyamthuraipakkam, the guideline value plays a crucial role during the registration process. It serves as a reference point for determining the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

The guideline value is used to calculate the applicable stamp duty and registration fees, which are essential costs for completing any property transaction. Buyers should be aware of the guideline value to avoid any discrepancies during the registration of their property.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar Extension?

The current guideline value of Lakshmi Nagar Extension is Rs 2,200 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, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the classification of land in Lakshmi Nagar Extension?

The land in Lakshmi Nagar Extension is classified as Residential Class II Type - III.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Lakshmi Nagar Extension?

Stamp duty for properties in Lakshmi Nagar Extension is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.