Guideline Value for LAKSHMI STREET

Lakshmi Street guideline value

The current guideline value of Lakshmi Street in Purasaivakkam village, under the Purasaivakkam SRO, is Rs 9,900 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - IV.

How the guideline value of Lakshmi Street has changed

Over the years, the guideline value of Lakshmi Street has seen several revisions. The 2007 revision set the value at Rs 4,300 per sq.ft, which increased significantly to Rs 9,000 per sq.ft in 2012, marking a rise of 109%. However, the value dropped to Rs 6,030 per sq.ft in the 2017 revision, a decrease of 33%. The subsequent 2023 revision raised the value to Rs 9,000 per sq.ft, and the latest revision in 2024 increased it to Rs 9,900 per sq.ft, reflecting a 10% increase.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 130%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, placing Lakshmi Street's 2024 figure above this median.

• Lauders Gate 1st Lane: Rs 6,500 per sq.ft (2024)
• Lauders Gate 2nd Lane: Rs 6,500 per sq.ft (2024)
• Lauders Gate 3rd Lane: Rs 6,500 per sq.ft (2024)
• Lauders Gate Lane: Rs 6,500 per sq.ft (2024)
• Lauders Gate Street: Rs 6,500 per sq.ft (2024)
• Letangs Road: Rs 12,100 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, while the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. It is important to note that 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 Street?

The Sub Registrar Office that covers Lakshmi Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees applicable to the transaction.

During the registration process, the guideline value is used to ensure that the property is not undervalued. This protects the interests of the government by ensuring that appropriate taxes are collected based on the established guideline value.

Frequently asked questions

What is the current guideline value of Lakshmi Street?

The current guideline value of Lakshmi Street is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 4,300 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, representing an overall increase of 130%.

What is the land classification for Lakshmi Street?

The land classification for Lakshmi Street is Residential Special Type - IV.

Where can I find the Sub Registrar Office for Lakshmi Street?

The Sub Registrar Office for Lakshmi Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for property in Lakshmi Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 99,00,000 would incur a stamp duty of Rs 6,93,000 at 7%.