Guideline Value for LAKSHMI STREET VGP SHANTHI NAGAR

Lakshmi Street Vgp Shanthi Nagar guideline value

The current guideline value of Lakshmi Street Vgp Shanthi Nagar is Rs 2,750 per sq.ft, as per the 2024 revision effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Lakshmi Street Vgp Shanthi Nagar has changed

Over the years, the guideline value for Lakshmi Street Vgp Shanthi Nagar has seen a revision from Rs 2,500 per sq.ft in 2012 to Rs 2,750 per sq.ft in 2024, which represents a 10% increase. The register does not have figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

The 2012 revision was the only prior figure available, and it has been updated to reflect the current value. The significant change from 2012 to 2024 indicates a shift in the guideline value, aligning with broader adjustments in the local real estate landscape.

Guideline values in Pallikaranai

In Pallikaranai, there are a total of 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Lakshmi Street Vgp Shanthi Nagar above this median.

• Lakshmi Narayana Perumal Street: Rs 1,650 per sq.ft (2024)
• Lakshmi Narayana Perumal Koil Cross Street: Rs 1,110 per sq.ft (2024)
• L.E.O.Complex Street: Rs 1,320 per sq.ft (2024)
• L.I.C.Colony Ist Street: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar 3rd Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Street Vgp Shanthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, making the total charges Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Street Vgp Shanthi Nagar?

The Sub Registrar Office that covers Lakshmi Street Vgp Shanthi Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Pallikaranai, as it determines the minimum price at which a property can be registered. Buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

This ensures that the transaction is officially recorded and complies with local regulations. Understanding the guideline value helps both buyers and sellers navigate property transactions effectively.

Frequently asked questions

What is the current guideline value of Lakshmi Street Vgp Shanthi Nagar?

The current guideline value of Lakshmi Street Vgp Shanthi Nagar is Rs 2,750 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 2,500 per sq.ft in 2012 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2023, 2017, 2007, 2003, and 2002 for this street.

What is the land classification for Lakshmi Street Vgp Shanthi Nagar?

The land classification for Lakshmi Street Vgp Shanthi Nagar is Residential Special Type - I. This classification indicates the type of development allowed in the area.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Lakshmi Street Vgp Shanthi Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Lakshmi Street Vgp Shanthi Nagar. It is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.