Guideline Value for LAKSHMIPURAM 1ST STREET

Lakshmipuram 1st Street guideline value

The current guideline value of Lakshmipuram 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - III.

How the guideline value of Lakshmipuram 1st Street has changed

The guideline value for Lakshmipuram 1st Street has undergone several revisions over the years. In 2002, the guideline value was Rs 1,431 per sq.ft, which increased to Rs 1,590 per sq.ft in 2003, marking an 11% rise. The value saw a significant jump to Rs 8,000 per sq.ft in 2012, which was a 403% increase from 2003. However, it then decreased by 33% to Rs 5,360 per sq.ft in 2017.

In 2023, the guideline value was revised to Rs 8,000 per sq.ft, and in the latest revision in 2024, it increased by 10% to Rs 8,800 per sq.ft. It is important to note that there is no figure available for the year 2007 in the register for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which is the same as the current guideline value for Lakshmipuram 1st Street.

• Lakshmipuram 2nd Street: Rs 8,800 per sq.ft (2024)
• Lakshmipuram 3rd Street: Rs 8,800 per sq.ft (2024)
• Lakshmipuram Sannadi Street: Rs 8,800 per sq.ft (2024)
• Lakshmipuram Street: Rs 11,500 per sq.ft (2024)
• Lala Thottam And Poonthottam: Rs 3,300 per sq.ft (2024)
• Lalitha Nagar: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmipuram 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Lakshmipuram 1st Street?

The Sub Registrar Office that covers Lakshmipuram 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs that must be paid to complete the transaction. This ensures that the government receives its due revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmipuram 1st Street?

The current guideline value of Lakshmipuram 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,431 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 515% over the years.

What is the stamp duty rate for properties in Lakshmipuram 1st Street?

The stamp duty rate for properties in Lakshmipuram 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Lakshmipuram 1st Street?

The Sub Registrar Office for Lakshmipuram 1st Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What are the other streets in Mylapore with similar guideline values?

Other streets in Mylapore with a guideline value of Rs 8,800 per sq.ft include Lakshmipuram 2nd Street, Lakshmipuram 3rd Street, and Lakshmipuram Sannadi Street.