Guideline Value for LAKSHMI SINIVASAM NAGAR

Lakshmi Sinivasam Nagar guideline value

The current guideline value of Lakshmi Sinivasam Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Thirumazhisai village under the Poonamallee SRO and is classified as Residential Class I Type - I.

How the guideline value of Lakshmi Sinivasam Nagar has changed

The guideline value for Lakshmi Sinivasam Nagar has seen several revisions over the years. The earliest available figure is from 2012, where the guideline value was Rs 900 per sq.ft. This was followed by a decrease to Rs 603 per sq.ft in 2017. The value then increased significantly to Rs 900 per sq.ft in 2023, and further rose to the current rate of Rs 990 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Thirumazhisai

In Thirumazhisai, there are 86 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 730 to Rs 3,500 per sq.ft, with a median value of Rs 1,320 per sq.ft. The guideline value for Lakshmi Sinivasam Nagar is below this median.

• Ltm Nagar: Rs 1,540 per sq.ft (2024)
• L&T nagar: Rs 1,320 per sq.ft (2024)
• Kurinji nagar: Rs 1,100 per sq.ft (2024)
• Kuppusamy Nagar: Rs 1,100 per sq.ft (2024)
• Kumaresan Nagar: Rs 1,650 per sq.ft (2024)
• Kumaran nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Sinivasam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, making the total charges Rs 89,100. It is important to note that 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 Sinivasam Nagar?

The Sub Registrar Office that covers Lakshmi Sinivasam Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar, Poonamallee, Chennai - 600056. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thirumazhisai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Sinivasam Nagar?

The current guideline value of Lakshmi Sinivasam Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification of Lakshmi Sinivasam Nagar?

Lakshmi Sinivasam Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential development.

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

The stamp duty for properties in Lakshmi Sinivasam Nagar is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

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

The Sub Registrar Office for Lakshmi Sinivasam Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar, Poonamallee, Chennai - 600056.