Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Boodhur village under the Madurandakam SRO, is Rs 100 per sq.ft, effective from 1 July 2024. The land classification for this area is 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 75 per sq.ft, which increased to Rs 50 per sq.ft in 2017, followed by a significant rise to Rs 100 per sq.ft in both the 2023 and 2024 revisions. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, between 2017 and 2023, there was a 100% increase, and from 2023 to 2024, there was no change, resulting in an overall increase of 33% from 2012 to 2024.

Guideline values in Boodhur

In Boodhur, there are five streets under the Madurandakam SRO with a 2024 guideline value ranging from Rs 100 to Rs 300 per sq.ft, with a median of Rs 101 per sq.ft. The guideline value for Lakshmi Nagar is below this median.

• Guberan Nagar: Rs 300 per sq.ft (2024)
• Sri Adhidhya Nagar Phase-I: Rs 101 per sq.ft (2024)
• Akshaya Nagar: Rs 200 per sq.ft (2024)
• Sri Jothi Nagar: Rs 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 100 per sq.ft, the total guideline value would be Rs 1,00,000. The stamp duty at 7% would amount to Rs 7,000, and the registration fee at 2% would be Rs 2,000, bringing the total fees together to Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmi Nagar?

The Sub Registrar Office that covers Lakshmi Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Boodhur. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared with the sale price, and the duty is charged based on the higher of the two amounts. This ensures that the government receives the appropriate fees based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 75 per sq.ft in 2012 to Rs 50 per sq.ft in 2017, then increased to Rs 100 per sq.ft in 2023 and 2024. The overall change from 2012 to 2024 is an increase of 33%.

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

For a property valued at Rs 1,00,000, the stamp duty would be Rs 7,000 and the registration fee would be Rs 2,000, totaling Rs 9,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office handles registrations for Lakshmi Nagar?

The Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone, handles registrations for Lakshmi Nagar.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees during property transactions. It ensures that the fees are based on the property's value, thus facilitating a transparent process for both buyers and sellers.