Guideline Value for LAKSHMI NAGAR/EXT

Lakshmi Nagar/Ext guideline value

The current guideline value for Lakshmi Nagar/Ext is Rs 330 per sq.ft, effective from 1 July 2024. This area is located in Vichoor village under the Thiruvottiyur SRO, classified as Residential Class I Type - III.

How the guideline value of Lakshmi Nagar/Ext has changed

In the 2012 revision, the guideline value was Rs 300 per sq.ft. It then decreased to Rs 201 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 300 per sq.ft in 2023, and further rose to Rs 330 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

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

Guideline values in Vichoor

In Vichoor, there are 45 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 550 per sq.ft, with a median value of Rs 485 per sq.ft. The guideline value for Lakshmi Nagar/Ext is below this median.

• Lakshmi Nagar All Phase: Rs 330 per sq.ft (2024)
• Kolaviziamman Nagar: Rs 330 per sq.ft (2024)
• Manjula Nagar: Rs 440 per sq.ft (2024)
• Meenakshi Nagar: Rs 330 per sq.ft (2024)
• Muthaalamman Nagar: Rs 330 per sq.ft (2024)
• Kamaraj Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar/Ext

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, totaling Rs 29,700. 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 more details.

Which Sub Registrar Office covers Lakshmi Nagar/Ext?

The Sub Registrar Office that covers Lakshmi Nagar/Ext is the Thiruvottiyur Sub Registrar Office located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a critical factor during property registration in Vichoor. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when a property is bought or sold.

When registering a property, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar/Ext?

The current guideline value of Lakshmi Nagar/Ext is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: it was Rs 300 per sq.ft in 2012, decreased to Rs 201 per sq.ft in 2017, increased to Rs 300 per sq.ft in 2023, and finally to Rs 330 per sq.ft in 2024.

What is the land classification of Lakshmi Nagar/Ext?

Lakshmi Nagar/Ext is classified as Residential Class I Type - III, indicating its suitability for residential purposes.

Where can I find the registration office for Lakshmi Nagar/Ext?

The registration office for Lakshmi Nagar/Ext is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Vichoor?

Stamp duty for properties in Vichoor is calculated based on the higher of the guideline value or the sale price of the property. The standard rate is 7% for stamp duty and 2% for the registration fee.