Guideline Value for LAKSHMI STREET

Lakshmi Street guideline value

The current guideline value of Lakshmi Street in Villivakkam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Villivakkam SRO and is classified as Residential Class IV Type - II.

How the guideline value of Lakshmi Street has changed

The guideline value for Lakshmi Street has seen several revisions over the years. In 2002, the value was Rs 595 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking a 14% rise. The value continued to rise significantly to Rs 950 per sq.ft in 2007, reflecting a 40% increase. By 2012, the value reached Rs 3,000 per sq.ft, showing a substantial 216% increase from the previous revision. However, it then decreased to Rs 2,010 per sq.ft in 2017, representing a decline of 33%.

From 2017 to 2023, the value increased sharply to Rs 3,000 per sq.ft, a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year. There are no figures available for the years not listed in the register for this street.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, indicating that Lakshmi Street's current guideline value is below this median.

• Lakshmi Street (Near Agathiyar Nagar): Rs 3,300 per sq.ft (2024)
• Lakshmipuram N.R.N.Street: Rs 3,300 per sq.ft (2024)
• Lakshmipuram Lane: Rs 2,700 per sq.ft (2024)
• Lakshmipuram Extn: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 4th Street: Rs 3,300 per sq.ft (2024)
• LAKSHMIPURAM 3rd STREET: Rs 3,300 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Street?

The Sub Registrar Office covering Lakshmi Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

When buying or selling property in Villivakkam, the guideline value is a crucial factor used during registration. It serves as a baseline for determining the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as per government regulations.

The guideline value helps in standardizing property transactions and provides transparency in the real estate market. It is essential for buyers and sellers to be aware of the current guideline value to 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 3,300 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 595 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 455% over the years.

What is the land classification for Lakshmi Street?

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

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties 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 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.