Guideline Value for LAKSHMI STREET

Lakshmi Street guideline value

The current guideline value of Lakshmi Street, located in Mambalam village under the Thiyagaraya nagar SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Lakshmi Street has changed

The guideline value for Lakshmi Street has seen significant changes over the years. In 2002, the guideline value was Rs 557 per sq.ft, which increased to Rs 618 per sq.ft in 2003, marking an increase of 11%. The value continued to rise, reaching Rs 1,000 per sq.ft in 2007, a substantial increase of 62%. By 2012, the value was Rs 6,000 per sq.ft, reflecting a remarkable increase of 500% from the previous revision. However, it dropped to Rs 4,020 per sq.ft in 2017, a decrease of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 6,000 per sq.ft, representing a 49% increase. The most recent revision in 2024 set the value at Rs 6,600 per sq.ft, which is a 10% increase from the previous year. There are no figures available for revisions in years other than those listed above.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median guideline value is Rs 6,600 per sq.ft, which matches the current guideline value of Lakshmi Street.

• Lake View Road: Rs 9,900 per sq.ft (2024)
• Kuyavar Street: Rs 9,900 per sq.ft (2024)
• Kuyavar 3rd Lane: Rs 5,500 per sq.ft (2024)
• Kuyavar 2nd Lane: Rs 5,500 per sq.ft (2024)
• Kuyavar 1st Lane: Rs 5,500 per sq.ft (2024)
• Kuppiah Chetty Street: 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 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, making the total cost for these fees Rs 5,94,000. It is important to note that the 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 Street?

The Sub Registrar Office that covers Lakshmi Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a critical component in the registration process when buying or selling property in Mambalam. It determines the base value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately and legally.

When a property is sold, the guideline value serves as a reference point to assess the transaction's legitimacy. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Street?

The current guideline value of Lakshmi Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 557 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 1085% over the years.

What is the land classification for Lakshmi Street?

Lakshmi Street is classified under Residential Class II Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for a property on Lakshmi Street?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Where is the Sub Registrar Office for Lakshmi Street located?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.