Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - III.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen several revisions over the years. In 2003, the guideline value was Rs 111 per sq.ft, which increased to Rs 250 per sq.ft in 2007. Following this, the value surged significantly to Rs 2,000 per sq.ft in 2012, marking a 700% increase. However, it dropped to Rs 1,340 per sq.ft in 2017, reflecting a decrease of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024, an increase of 10% from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1882%. It is important to note that the register has no figure for this street in 2002.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Lakshmi Nagar is below this median.

• LAKSHMI NAGAR 1st STREET: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar Extension: Rs 2,200 per sq.ft (2024)
• Lake View Road: Rs 2,200 per sq.ft (2024)
• Loyal Enclave: Rs 2,800 per sq.ft (2024)
• Kumaran Kudi Main Road (Near Omr): Rs 3,900 per sq.ft (2024)
• KUMARAN KUDIL 5th STREET: Rs 3,300 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 amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Lakshmi Nagar?

The Lakshmi Nagar area falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Okkiyamthuraipakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value during negotiations to ensure compliance with local regulations.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate taxes based on the property's assessed value.

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 from Rs 111 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting significant increases and a few decreases in between revisions.

What is the land classification for Lakshmi Nagar?

The land classification for Lakshmi Nagar is Residential Class II Type - III.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.