Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar is Rs 700 per sq.ft, effective from 1 July 2024. This street is located in Ponneri village, under the Ponneri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Lakshmi Nagar has changed

In the 2012 revision, the guideline value was set at Rs 500 per sq.ft. This figure saw a decrease to Rs 469 per sq.ft in the 2017 revision, marking a change of -6%. However, from 2017 to 2023, the value increased significantly to Rs 700 per sq.ft, representing a rise of 49%. The 2023 revision maintained the same rate of Rs 700 per sq.ft, which carried over to the 2024 revision.

There are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 40%.

Guideline values in Ponneri

In Ponneri, there are 120 streets under the Ponneri SRO that carry a 2024 guideline value ranging from Rs 201 to Rs 1,200 per sq.ft, with a median value of Rs 700 per sq.ft. Lakshmi Nagar's 2024 figure aligns perfectly with this median value.

• Lakshmi Amman Nagar: Rs 201 per sq.ft (2024)
• Lakshmi Amman Kovil Street: Rs 700 per sq.ft (2024)
• Kumaran Streeet / N.G.O.Nagar: Rs 700 per sq.ft (2024)
• Kumaran Nagar: Rs 700 per sq.ft (2024)
• Madhina Palli Vasal: Rs 1,200 per sq.ft (2024)
• Krishnaswami Mudali Street: Rs 1,200 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 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total cost to Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, 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 Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Ponneri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transfer of property ownership.

When buying or selling property, the guideline value is used to ensure that the transaction is recorded at a fair value. This helps in maintaining transparency and accountability in property dealings, as the fees are calculated 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 700 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 469 per sq.ft in 2017, then increased to Rs 700 per sq.ft in 2023 and remained the same in 2024.

What is the land classification of Lakshmi Nagar?

Lakshmi Nagar is classified as Residential Class II Type - I.

Where can I find the Ponneri Sub Registrar Office?

The Ponneri Sub Registrar Office is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204.

How is the stamp duty calculated for properties in Lakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 700 per sq.ft, the total guideline value is Rs 7,00,000, leading to a stamp duty of Rs 49,000.