Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Pallikaranai village, is Rs 1,320 per sq.ft, as per the 2024 revision effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 67 per sq.ft. This increased to Rs 100 per sq.ft in 2003, marking a 49% increase. The value then rose significantly to Rs 400 per sq.ft in 2007, reflecting a 300% increase. Following this, the 2012 revision set the value at Rs 1,200 per sq.ft, which was a 200% increase from the previous figure. However, in 2017, the value decreased to Rs 804 per sq.ft, a decline of 33%. The guideline value rebounded to Rs 1,200 per sq.ft in 2023, before reaching the current figure of Rs 1,320 per sq.ft in 2024, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,870%. There are no figures available for revisions in years not listed in the register.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for the area is Rs 1,650 per sq.ft, placing Lakshmi Nagar's 2024 figure below this median.

• Lakeview Street: Rs 1,320 per sq.ft (2024)
• Lakshmi Narayana Perumal Koil Cross Street: Rs 1,110 per sq.ft (2024)
• Lakshmi Narayana Perumal Street: Rs 1,650 per sq.ft (2024)
• Labour Colony 6th Street: Rs 1,650 per sq.ft (2024)
• Labour Colony 5th Cross Street: Rs 1,650 per sq.ft (2024)
• Labour Colony 4th Cross Street: Rs 1,650 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

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. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Pallikaranai. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the land records.

When a buyer and seller agree on a sale price, the registration process will use the higher of the guideline value or the sale price to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 67 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,870% over this period.

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

For a 1,000 sq.ft property, the total guideline value is Rs 13,20,000, with stamp duty at Rs 92,400 and registration fees at Rs 26,400, totaling Rs 1,18,800.

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.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, affecting the stamp duty and registration fees based on the higher of the guideline value or the sale price.