Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Karapakkam village under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - III land classification.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, when the value was Rs 90 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a notable rise of 1567%. However, the value then dropped to Rs 1,005 per sq.ft in 2017, a decrease of 33%. The most recent revisions show a rise to Rs 1,500 per sq.ft in 2023, followed by a further increase to Rs 1,700 per sq.ft in 2024, reflecting a 13% change from the previous year.

In total, from 2007 to 2024, the guideline value has increased by 1789%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, which is equal to the guideline value of Lakshmi Nagar.

• LAKSHMI VINAYAGAR 2nd 1st CROSS: Rs 1,700 per sq.ft (2024)
• LAKSHMI VINAYAGAR 2nd STREET: Rs 1,700 per sq.ft (2024)
• LAKSHMI VINAYAGAR 2nd STREET 2nd CROSS: Rs 1,700 per sq.ft (2024)
• Lakshmi Vinayagar Koil Street: Rs 1,700 per sq.ft (2024)
• Lakshmi Vinayagar Street: Rs 1,700 per sq.ft (2024)
• Lalitha Garden: Rs 1,100 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 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Together, the total cost for stamp duty and registration would be Rs 1,53,000. 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 Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Karapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the applicable stamp duty and registration fees during the transaction process.

When a property is sold, the buyer must ensure that the sale price is not lower than the guideline value. If the sale price exceeds the guideline value, the stamp duty will be calculated based on the higher amount, ensuring that the government receives the appropriate revenue from the transaction.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,700 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 90 per sq.ft in 2007 to Rs 1,700 per sq.ft in 2024, marking an increase of 1789% over the years.

What are the stamp duty rates applicable in Lakshmi Nagar?

The stamp duty rate in Lakshmi Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles registrations for properties in Lakshmi Nagar?

The Neelankarai Sub Registrar Office handles registrations for properties in Lakshmi Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Lakshmi Nagar?

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