Guideline Value for LAKSHMI PURAM

Lakshmi Puram guideline value

The current guideline value of Lakshmi Puram is Rs 2,150 per sq.ft, effective from 1 July 2024. This locality is situated in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Class I Type - II.

How the guideline value of Lakshmi Puram has changed

Over the years, the guideline value of Lakshmi Puram has seen significant changes. The earliest recorded revision was in 2002, with a guideline value of Rs 154 per sq.ft. This increased to Rs 182 per sq.ft in 2003, marking an 18% rise. The value continued to rise, reaching Rs 400 per sq.ft in 2007, which was a substantial increase of 120%. In 2012, the value was recorded at Rs 2,000 per sq.ft, reflecting a remarkable 400% increase from the previous revision. However, this figure dropped to Rs 1,340 per sq.ft in 2017, indicating a decrease of 33%.

In 2023, the guideline value was revised to Rs 2,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,150 per sq.ft, which is an 8% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1296%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Lakshmi Puram is below this median.

• Madura Nagar: Rs 1,500 per sq.ft (2024)
• Mahaveer Nagar: Rs 1,900 per sq.ft (2024)
• Mallikapuram: Rs 2,150 per sq.ft (2024)
• Manali Express Road: Rs 3,300 per sq.ft (2024)
• K.R.Ramasami Nagar: Rs 2,800 per sq.ft (2024)
• K.R. Ramanujam Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Puram

For a 1,000 sq.ft plot at the current guideline value of Rs 2,150 per sq.ft, the total guideline value would be Rs 21,50,000. The stamp duty at 7% would amount to Rs 1,50,500, and the registration fee at 2% would be Rs 43,000, bringing the total to Rs 1,93,500. 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 Puram?

The Sub Registrar Office that covers Lakshmi Puram is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Thiruvottiyur. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for all property sales. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is bought or sold, the guideline value is compared with the sale price. The stamp duty is charged on the higher of the two values, ensuring that the government receives the appropriate revenue from property transactions. Understanding the guideline value is essential for anyone looking to engage in real estate transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Puram?

The current guideline value of Lakshmi Puram is Rs 2,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly over the years, from Rs 154 per sq.ft in 2002 to Rs 2,150 per sq.ft in 2024, reflecting an overall increase of 1296%.

What is the land classification of Lakshmi Puram?

Lakshmi Puram is classified as Residential Class I Type - II.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated in Lakshmi Puram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 21,50,000, the stamp duty would be Rs 1,50,500 at 7%.