Guideline Value for LAKSHMIKANTHAN STREET

Lakshmikanthan Street guideline value

The current guideline value of Lakshmikanthan Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - I.

How the guideline value of Lakshmikanthan Street has changed

Over the years, the guideline value of Lakshmikanthan Street has seen significant changes. The register shows the following revisions: in 2002, the value was Rs 1,487 per sq.ft, which increased to Rs 1,651 per sq.ft in 2003, marking an 11% rise. Following this, the value rose to Rs 3,000 per sq.ft in 2007, reflecting an 82% increase. The value then doubled to Rs 6,000 per sq.ft in 2012, a 100% increase. However, it decreased to Rs 4,020 per sq.ft in 2017, showing a decline of 33%. The value then increased to Rs 6,000 per sq.ft in 2023, followed by a further increase to Rs 6,600 per sq.ft in 2024, which is a 10% rise.

There are no figures available for the revisions in the years not listed in the register. Overall, from 2002 to 2024, the guideline value has increased by 344%.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO, with 2024 guideline values ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value is Rs 11,000 per sq.ft, making the 2024 figure for Lakshmikanthan Street below the median.

• Lakshmi Colony: Rs 6,600 per sq.ft (2024)
• Lakshmana Chetty Street: Rs 5,500 per sq.ft (2024)
• Lakshmi Narashiman Street: Rs 7,700 per sq.ft (2024)
• Kuppuswamy Street: Rs 6,600 per sq.ft (2024)
• Lala Garden: Rs 11,000 per sq.ft (2024)
• Lodikhan Road: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmikanthan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, resulting in a total of 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmikanthan Street?

The Sub Registrar Office that covers Lakshmikanthan 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 Tnagar

The guideline value is a crucial factor when buying or selling property in Tnagar. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price.

Additionally, the guideline value helps ensure transparency in property transactions, making it easier for buyers and sellers to understand the value of properties in the area. This is especially important in a densely populated area like Tnagar, where property values can vary significantly between streets.

Frequently asked questions

What is the current guideline value of Lakshmikanthan Street?

The current guideline value of Lakshmikanthan 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 1,487 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 344% over the years.

What is the registration office for Lakshmikanthan Street?

The registration office for Lakshmikanthan Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How is the stamp duty calculated for properties in Lakshmikanthan Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 4,62,000.

What is the land classification for Lakshmikanthan Street?

Lakshmikanthan Street is classified as Residential Class III Type - I, indicating its suitability for residential development.