Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Manapakkam village, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Lakshmi Nagar has changed

Since the year 2002, the guideline value of Lakshmi Nagar has seen significant changes. The 2002 revision set the value at Rs 95 per sq.ft, which increased to Rs 106 per sq.ft in 2003. Following this, the value rose dramatically to Rs 400 per sq.ft in 2007, and then to Rs 2,000 per sq.ft in 2012. However, there was a decrease to Rs 1,340 per sq.ft in 2017. The most recent revisions show an increase to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

In summary, the changes between revisions are as follows: from 2002 to 2003, the increase was +12%; from 2003 to 2007, it was +277%; from 2007 to 2012, it was +400%; from 2012 to 2017, it was -33%; from 2017 to 2023, it was +49%; and from 2023 to 2024, it was +10%. Overall, from 2002 to 2024, the guideline value has increased by 2,216%.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median guideline value for these streets is Rs 2,530 per sq.ft, indicating that Lakshmi Nagar's value is below this median.

• Lakshmi Nagar 1st Cross Street: Rs 1,980 per sq.ft (2024)
• Lakshmi Nagar 2nd Cross Street: Rs 1,980 per sq.ft (2024)
• Lakshmi Nagar 3rd Cross Street: Rs 1,980 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 1,980 per sq.ft (2024)
• L & T Colony: Rs 2,530 per sq.ft (2024)
• L & T Colony 1st Cross Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total fees would be 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 details.

Which Sub Registrar Office covers Lakshmi Nagar?

The Sub Registrar Office that covers Lakshmi Nagar 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 information.

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

When buying or selling property in Manapakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is used to calculate these fees, ensuring that they are based on an official valuation rather than the sale price alone.

It is essential for buyers and sellers to be aware of the current guideline value as it impacts the overall cost of property transactions. Understanding the guideline value helps in planning the financial aspects of buying or selling property in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar 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 significantly from Rs 95 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,216% over the years.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Lakshmi Nagar?

The Chennai South Joint I Sub Registrar Office covers Lakshmi Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification of Lakshmi Nagar?

Lakshmi Nagar is classified as Residential Class IV Type - I, which is important for determining the applicable guidelines and regulations for property transactions in the area.