Guideline Value for LAKSHMI NAGAR

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Chembakkam village under the Selaiyur SRO, is Rs 4,800 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class V Type - IV land classification.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen significant changes over the years. In 2012, the guideline value was Rs 1,200 per sq.ft. This figure increased to Rs 3,000 per sq.ft in 2017, marking a 150% rise. The value then rose to Rs 4,480 per sq.ft in 2023, reflecting a 49% increase from the previous revision. The current value of Rs 4,800 per sq.ft, effective from 2024, represents a 7% increase from 2023.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 300%.

Guideline values in Chembakkam

Chembakkam village has a total of 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Lakshmi Nagar's 2024 figure above the median.

• Lakshmi Nagar 1 St Street: Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 1,300 per sq.ft (2024)
• Maha Ganapathy Street: Rs 1,400 per sq.ft (2024)
• Maha Sakthi Colony: Rs 2,400 per sq.ft (2024)
• Maha Sakthi Colony 1st Cross Street: Rs 2,400 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 4,800 per sq.ft, the total guideline value amounts to Rs 48,00,000. The stamp duty at 7% would be Rs 3,36,000, and the registration fee at 2% would be Rs 96,000, bringing the total fees to Rs 4,32,000. 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 detailed calculations.

Which Sub Registrar Office covers Lakshmi Nagar?

The Sub Registrar Office covering Lakshmi Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Chembakkam

When buying or selling property in Chembakkam, the guideline value plays a critical role in determining the stamp duty and registration fees. The guideline value is set by the Registration Department and serves as a benchmark for property transactions in the area.

During the registration process, the stamp duty is calculated based on the higher value between the guideline value and the actual sale price of the property. This ensures that the government receives 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 4,800 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,200 per sq.ft in 2012 to Rs 4,800 per sq.ft in 2024, marking an overall increase of 300%.

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

For a property valued at Rs 48,00,000, the stamp duty would be Rs 3,36,000 and the registration fee would be Rs 96,000, totaling Rs 4,32,000.

Which Sub Registrar Office is responsible for Lakshmi Nagar?

The Selaiyur Sub Registrar Office is responsible for Lakshmi Nagar, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar falls under the Residential Class V Type - IV land classification.