Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Seevaram village under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of Lakshmi Nagar has changed

The guideline value of Lakshmi Nagar has undergone several revisions over the years. The earliest available figure is from 2002, where the guideline value was Rs 112 per sq.ft. This value increased to Rs 150 per sq.ft in 2003, marking a 34% rise. In 2007, the value saw a significant jump to Rs 600 per sq.ft, which is an increase of 300%. The value then rose to Rs 2,000 per sq.ft in 2012, reflecting a 233% increase. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, which is a decline of 33%. The guideline value increased again to Rs 2,000 per sq.ft in 2023, followed by the latest revision to Rs 2,200 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,864%. There are no figures available for the revisions in years other than those mentioned above.

Guideline values in Seevaram

In Seevaram village, there are 84 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median guideline value in this area is Rs 2,800 per sq.ft, placing Lakshmi Nagar's 2024 figure below that median.

• L.R.D.Avenue: Rs 2,200 per sq.ft (2024)
• Maha Kavi Bharathi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Maha Kavi Bharathi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Manikodi Srinivasan Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 3rd Street: Rs 2,800 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 together to 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 the 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 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 information.

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

The guideline value is a critical factor during the registration of property transactions in Seevaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs involved in the transaction. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

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 seen several revisions, increasing from Rs 112 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 1,864%.

What is the land classification of Lakshmi Nagar?

Lakshmi Nagar is classified as Residential Class II Type - II, indicating its use for residential purposes.

Where can I find the Sub Registrar Office for Lakshmi Nagar?

The Neelankarai Sub Registrar Office covers Lakshmi Nagar and 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, for a 1,000 sq.ft plot at the current rate, the total fees amount to Rs 1,98,000.