Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Pazhayanoor village under the Madurandakam SRO, is Rs 300 per sq.ft as per the 2024 revision, effective from 1 July 2024. The land classification for this area is Mixed Type - II.

How the guideline value of Lakshmi Nagar has changed

Since the 2012 revision, the guideline value for Lakshmi Nagar has remained at Rs 300 per sq.ft as of the 2024 revision. The 2017 revision recorded a guideline value of Rs 201 per sq.ft, which marked a significant increase of 49% to the 2023 figure of Rs 300 per sq.ft. The 2012 revision also had a guideline value of Rs 300 per sq.ft, showing no change from the 2023 to the 2024 revision.

It is important to note that there are no figures available in the register for the years 2002, 2003, and 2007 for this street. The overall change from the 2012 revision to the 2024 revision is 0%.

Guideline values in Pazhayanoor

Pazhayanoor village has nine streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 800 per sq.ft, with a median value of Rs 300 per sq.ft. Lakshmi Nagar's 2024 guideline value aligns with this median.

• Mahalakshmi Nagar: Rs 250 per sq.ft (2024)
• Mahalakshmi Nagar Phase -I: Rs 448 per sq.ft (2024)
• Jayam Seenu Garden: Rs 200 per sq.ft (2024)
• Iyeshwarya Nagar: Rs 100 per sq.ft (2024)
• Rmbx Nagar: Rs 200 per sq.ft (2024)
• Anand Nagar Phase II: Rs 448 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 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, making the total cost for these fees Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pazhayanoor. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring compliance with the regulations set by the Registration Department.

When a property is sold, the guideline value is used to assess the transaction value for tax purposes. Buyers and sellers must be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with a significant increase of 49% from Rs 201 per sq.ft in 2017 to Rs 300 per sq.ft in 2023. However, it remained unchanged from 2023 to 2024.

What are the other streets in Pazhayanoor and their guideline values?

Other streets in Pazhayanoor include Mahalakshmi Nagar at Rs 250 per sq.ft, Mahalakshmi Nagar Phase -I at Rs 448 per sq.ft, and Jayam Seenu Garden at Rs 200 per sq.ft, among others.

What fees are associated with buying property in Lakshmi Nagar?

When buying property in Lakshmi Nagar, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value. For example, a 1,000 sq.ft plot would incur a total fee of Rs 27,000.

Which office handles the registration for Lakshmi Nagar?

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