Guideline Value for LAKSHMI VINAYAGAR STREET

Lakshmi Vinayagar Street guideline value

The current guideline value of Lakshmi Vinayagar Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Karapakkam village under the Neelankarai SRO, and it falls under the Residential Class II Type - III land classification.

How the guideline value of Lakshmi Vinayagar Street has changed

The guideline value for Lakshmi Vinayagar Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then further rose to Rs 1,700 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, there was a notable increase of 49%, while the value increased by 13% from 2023 to 2024. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 13%.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, which is equal to the current guideline value of Lakshmi Vinayagar Street.

• Lakshmi Vinayagar Koil Street: Rs 1,700 per sq.ft (2024)
• LAKSHMI VINAYAGAR 2nd STREET 2nd CROSS: Rs 1,700 per sq.ft (2024)
• LAKSHMI VINAYAGAR 2nd STREET: Rs 1,700 per sq.ft (2024)
• LAKSHMI VINAYAGAR 2nd 1st CROSS: Rs 1,700 per sq.ft (2024)
• Lalitha Garden: Rs 1,100 per sq.ft (2024)
• L.N.Sharma School: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Vinayagar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value is Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, leading to a total of Rs 1,53,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Vinayagar Street?

The Sub Registrar Office covering Lakshmi Vinayagar Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Karapakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring that the transaction is compliant with local regulations.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is considered for calculating the applicable duties and fees. This ensures that the government receives the correct amount based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Lakshmi Vinayagar Street?

The current guideline value of Lakshmi Vinayagar Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What are the stamp duty and registration fees for properties on this street?

For a property of 1,000 sq.ft at the current guideline value, the total guideline value is Rs 17,00,000. The stamp duty would be Rs 1,19,000, and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which office handles property registrations for Lakshmi Vinayagar Street?

The Neelankarai Sub Registrar Office handles property registrations for Lakshmi Vinayagar Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

What is the significance of the guideline value when buying property?

The guideline value is significant as it determines the stamp duty and registration fees during property transactions. It ensures that the fees are calculated based on the property's value as recorded in the guideline value register.