Guideline Value for LAKSHMI NAGAR EXTENSION

Lakshmi Nagar Extension guideline value

The current guideline value of Lakshmi Nagar Extension, located in Pothur village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Lakshmi Nagar Extension has changed

The guideline value for Lakshmi Nagar Extension has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 500 per sq.ft. This was followed by a decrease to Rs 335 per sq.ft in 2017. The 2023 revision saw an increase to Rs 500 per sq.ft, and the most recent revision in 2024 has raised it further to Rs 550 per sq.ft, marking a 10% increase from the previous year. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%.

Guideline values in Pothur

Pothur village has a total of 98 streets under the Redhills SRO, with the 2024 guideline values ranging from Rs 330 to Rs 2,000 per sq.ft. The median value among these streets is Rs 550 per sq.ft, placing Lakshmi Nagar Extension's current guideline value at this median level.

• Lakshmi Nagar: Rs 440 per sq.ft (2024)
• Lake View Garden: Rs 440 per sq.ft (2024)
• K.S.P Nagar: Rs 550 per sq.ft (2024)
• Kirubai Nagar: Rs 550 per sq.ft (2024)
• Mathuvacharya Nagar: Rs 550 per sq.ft (2024)
• K.C.R . Nagar: Rs 550 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 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty, charged at 7%, would be Rs 38,500, while the registration fee at 2% would be Rs 11,000, bringing the total fees together to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Lakshmi Nagar Extension?

The Sub Registrar Office that covers Lakshmi Nagar Extension is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

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

When a property is registered, the guideline value is compared with the sale price, and the higher value is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar Extension?

The current guideline value of Lakshmi Nagar Extension is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification for Lakshmi Nagar Extension?

Lakshmi Nagar Extension falls under the Residential Class I Type - I land classification.

What are the stamp duty and registration fees for property in Lakshmi Nagar Extension?

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which office handles property registration in Lakshmi Nagar Extension?

The Redhills Sub Registrar Office handles property registration for Lakshmi Nagar Extension, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.