Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Kovilkuppam village under the Manavalanagar SRO, is Rs 300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Lakshmi Nagar has changed

In the 2012 revision, the guideline value was set at Rs 300 per sq.ft. This figure remained unchanged in the 2017 revision, where it was Rs 201 per sq.ft, reflecting a decrease of 33%. The value then increased significantly to Rs 300 per sq.ft in the 2023 revision, a rise of 49% from the previous revision. The 2024 revision maintained this value at Rs 300 per sq.ft, showing no change from 2023.

The register does not provide figures for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has remained unchanged at Rs 300 per sq.ft.

Guideline values in Kovilkuppam

Kovilkuppam village has 68 streets under the Manavalanagar SRO, with guideline values ranging from Rs 300 to Rs 800 per sq.ft. The median guideline value for these streets is Rs 350 per sq.ft, placing Lakshmi Nagar's 2024 figure below this median.

• Kothandarama Naidu Nagar: Rs 350 per sq.ft (2024)
• Manickam Nagar: Rs 350 per sq.ft (2024)
• Marudur Town: Rs 300 per sq.ft (2024)
• Kaveri Nagar: Rs 300 per sq.ft (2024)
• J.S.Nagar: Rs 700 per sq.ft (2024)
• Jothi Nagar: Rs 350 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 300 per sq.ft, the total guideline value would be Rs 3,00,000. The stamp duty at 7% would amount to Rs 21,000, and the registration fee at 2% would be Rs 6,000, bringing the total to Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, 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 Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration of property transactions in Kovilkuppam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the registration process is transparent and standardized.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft from 2012 to 2024, with a decrease to Rs 201 per sq.ft in 2017 and an increase back to Rs 300 per sq.ft in 2023.

What is the land classification for Lakshmi Nagar?

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

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

For a property valued at Rs 3,00,000, the stamp duty would be Rs 21,000 and the registration fee would be Rs 6,000, totaling Rs 27,000.

Which office handles registrations for Lakshmi Nagar?

The Manavalanagar Sub Registrar Office is responsible for handling registrations for Lakshmi Nagar, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.