Guideline Value for LAKSHMI NARAYANA NAGAR

Lakshmi Narayana Nagar guideline value

The current guideline value of Lakshmi Narayana Nagar is Rs 600 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village, under the Chengleput Joint II SRO, and is classified as Residential Special Type - I.

How the guideline value of Lakshmi Narayana Nagar has changed

Over the years, the guideline value for Lakshmi Narayana Nagar has experienced several revisions. The 2012 revision set the value at Rs 600 per sq.ft, which remained unchanged until the 2024 revision. The 2017 revision saw a decrease to Rs 402 per sq.ft, but by 2023, it had increased to Rs 600 per sq.ft again. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, there was a decrease of 33%, followed by a significant increase of 49% from 2017 to 2023. However, the overall change from 2012 to 2024 shows no increase, as the value returned to Rs 600 per sq.ft in both 2012 and 2024.

Guideline values in Kolathur

In Kolathur, there are 58 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 1,600 per sq.ft. The median value for these streets is Rs 600 per sq.ft, which matches the guideline value of Lakshmi Narayana Nagar.

• Lakshmi Narayana Nagar-I: Rs 600 per sq.ft (2024)
• Lakshmi Nagar: Rs 600 per sq.ft (2024)
• Lavakusa Nagar: Rs 600 per sq.ft (2024)
• Madura Nagar: Rs 600 per sq.ft (2024)
• Maha Nagar: Rs 600 per sq.ft (2024)
• Mahathma Gandhi Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Narayana Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value amounts to Rs 6,00,000. The stamp duty, charged at 7%, would be Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Narayana Nagar?

The Sub Registrar Office that covers Lakshmi Narayana Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the minimum value at which property transactions can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Narayana Nagar?

The current guideline value of Lakshmi Narayana Nagar is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 600 per sq.ft from 2012 to 2024, with a decrease to Rs 402 per sq.ft in 2017 and an increase back to Rs 600 per sq.ft in 2023.

What is the land classification for Lakshmi Narayana Nagar?

Lakshmi Narayana Nagar is classified as Residential Special Type - I, indicating its suitability for residential developments.

Where can I find the Chengleput Joint II Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, for a property valued at Rs 6,00,000, the total fees would amount to Rs 54,000.