Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Kilkaranai village, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Chengleput Joint II SRO and is classified as Industries 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 most recent revision in 2024 set the value at Rs 1,650 per sq.ft, an increase from Rs 1,500 per sq.ft in 2023, marking a 10% rise. Prior to that, the 2017 revision recorded the value at Rs 1,005 per sq.ft, which was a significant increase of 49% from the previous revision in 2012, where the value was Rs 1,500 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33% in the guideline value. Overall, from 2012 to 2024, the guideline value has increased by 10%, demonstrating fluctuations in the property valuation over the years.

Guideline values in Kilkaranai

In Kilkaranai, there are 12 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 1,870 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, placing Lakshmi Nagar's 2024 figure above that median.

• Keelkaranai Pillaiyar Koil Street: Rs 1,100 per sq.ft (2024)
• Keelkaranai Main Road: Rs 1,100 per sq.ft (2024)
• Mettu Street: Rs 1,100 per sq.ft (2024)
• Muthumariamman Koil Street: Rs 1,100 per sq.ft (2024)
• Chithamanur Area II Industrial Area: Rs 1,320 per sq.ft (2024)
• School Street: Rs 1,100 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 amounts to Rs 16,50,000. The stamp duty, charged at 7%, would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher. 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 Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kilkaranai. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

It is important for buyers and sellers to be aware of the guideline value, as it reflects the minimum value for which properties can be registered. This ensures transparency in property transactions and helps in avoiding disputes related to property valuation.

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 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase of 10% from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024. The value also saw a significant increase of 49% from Rs 1,005 per sq.ft in 2017 to 2023.

What are the guideline values of other streets in Kilkaranai?

Other streets in Kilkaranai have guideline values ranging from Rs 1,100 to Rs 1,870 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, with Lakshmi Nagar's value being above this median.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Lakshmi Nagar?

The Chengleput Joint II Sub Registrar Office handles property registrations in Lakshmi Nagar. It is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.