Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Puthucheri village under the Padappai SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value of Lakshmi Nagar has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which then changed to Rs 335 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 500 per sq.ft, and the latest 2024 revision raised it to Rs 550 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

When looking at the changes, from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The overall change from 2012 to 2024 shows a modest increase of 10%.

Guideline values in Puthucheri

In Puthucheri village, there are 16 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 1,500 per sq.ft. The median value for these streets is Rs 625 per sq.ft, which means that Lakshmi Nagar's 2024 figure is below this median.

• Nano Homes: Rs 550 per sq.ft (2024)
• Jerusalem Nagar: Rs 550 per sq.ft (2024)
• New Portia: Rs 550 per sq.ft (2024)
• Nimas: Rs 550 per sq.ft (2024)
• Pink House: Rs 550 per sq.ft (2024)
• Eden Garden: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty is calculated at 7%, which totals Rs 38,500, while the registration fee at 2% is Rs 11,000. The total cost for these fees together is Rs 49,500. 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 accurate calculations.

Which Sub Registrar Office covers Lakshmi Nagar?

The Lakshmi Nagar area falls under the jurisdiction of the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor in property transactions in Puthucheri. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct amount of revenue from property transactions, reflecting the official valuation of the property involved.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of Lakshmi Nagar?

Lakshmi Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 5,50,000, the stamp duty is Rs 38,500, and the registration fee is Rs 11,000, totaling Rs 49,500.

Where is the Sub Registrar Office for Lakshmi Nagar located?

The Padappai Sub Registrar Office, which covers Lakshmi Nagar, is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.