Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Erandankattalai village under the Pammal SRO, is Rs 1,100 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Lakshmi Nagar has changed

In the 2017 revision, the guideline value for Lakshmi Nagar was Rs 670 per sq.ft. This figure increased significantly to Rs 1,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision has set the guideline value at Rs 1,100 per sq.ft, which represents a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has seen a substantial increase of 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Erandankattalai

Erandankattalai village has a total of 60 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 770 to Rs 4,270 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, which is equal to the current guideline value of Lakshmi Nagar.

• Maansarovar Nagar: Rs 4,270 per sq.ft (2024)
• Maansarovar Nagar Phase II: Rs 2,860 per sq.ft (2024)
• Madha Nagar: Rs 1,100 per sq.ft (2024)
• Kodhai Avenue: Rs 1,100 per sq.ft (2024)
• Kannan Avenue: Rs 1,100 per sq.ft (2024)
• MGR 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 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total cost to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and 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 Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Erandankattalai

The guideline value is a crucial factor in the registration process when buying or selling property in Erandankattalai. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives due revenue from property transactions.

When a property is sold, the guideline value serves as a benchmark for the sale price. Buyers and sellers must be aware of this value to avoid discrepancies during the registration process, as it can affect the overall costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 670 per sq.ft in 2017 to Rs 1,100 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty rates for properties in Lakshmi Nagar?

The stamp duty for properties in Lakshmi Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Lakshmi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar falls under the Residential Class I Type - I land classification, indicating its suitability for residential development.