Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar in Sivabootham village is Rs 1,650 per sq.ft, effective from the 2024 revision. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 1,500 per sq.ft. The most recent revision in 2024 has further raised the guideline value to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the current 2024 value, there has been a 10% increase.

Guideline values in Sivabootham

In Sivabootham, there are 39 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,120 to Rs 3,300 per sq.ft, with the median value being Rs 1,650 per sq.ft. The guideline value of Lakshmi Nagar is equal to this median.

• Lakshmi Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Kurinchi Nagar: Rs 1,650 per sq.ft (2024)
• Maharishir Avenue Extn: Rs 1,650 per sq.ft (2024)
• Maharishi Teacher Colony Main Road: Rs 1,650 per sq.ft (2024)
• Maharishi Teacher Housing Society: Rs 1,650 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Therefore, the total cost for stamp duty and registration would be Rs 1,48,500. 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 Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

When buying or selling property in Sivabootham, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is assessed based on the area and is used to calculate the applicable charges during the registration process.

It is essential to be aware that the guideline value may differ from the actual sale price, and the duty is charged on the higher of the two figures. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,650 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the classification of land in Lakshmi Nagar?

The land in Lakshmi Nagar is classified as Residential Class I Type - I.

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

The Sub Registrar Office for Lakshmi Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Lakshmi Nagar?

Stamp duty for properties in Lakshmi Nagar is calculated based on the guideline value or the sale price, whichever is higher. The current stamp duty rate is 7%, along with a registration fee of 2%.