Guideline Value for LAKSHMIPURAM 1st STREET

LAKSHMIPURAM 1st STREET guideline value

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

How the guideline value of LAKSHMIPURAM 1st STREET has changed

The guideline value for LAKSHMIPURAM 1st STREET has undergone several revisions over the years. Starting from Rs 486 per sq.ft in 2002, it increased significantly to Rs 1,800 per sq.ft in 2007, marking a rise of 270%. The value then saw a substantial increase to Rs 3,000 per sq.ft in 2012, which was a 67% increase. However, it dropped to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, followed by the current rate of Rs 3,300 per sq.ft from the 2024 revision, which is a 10% increase.

It is important to note that there is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 579%.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 13,200 per sq.ft, with a median value of Rs 4,900 per sq.ft. The guideline value for LAKSHMIPURAM 1st STREET is below this median.

• LAKSHMIPURAM 2nd STREET: Rs 3,300 per sq.ft (2024)
• LAKSHMIPURAM 3rd STREET: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 4th Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Nursing Home Lane: Rs 3,300 per sq.ft (2024)
• Lakshmipuram Extn: Rs 3,300 per sq.ft (2024)
• Lakshmipuram Lane: Rs 2,700 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, leading to a total cost of Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers LAKSHMIPURAM 1st STREET?

The Sub Registrar Office covering LAKSHMIPURAM 1st STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Villivakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point for calculating the stamp duty. Buyers must be aware that the duty is charged based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for LAKSHMIPURAM 1st STREET?

The current guideline value for LAKSHMIPURAM 1st 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 from Rs 486 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 579%.

What is the land classification for LAKSHMIPURAM 1st STREET?

LAKSHMIPURAM 1st STREET is classified as Residential Class IV Type - II.

Which office handles the registration for LAKSHMIPURAM 1st STREET?

The Villivakkam Sub Registrar Office handles the registration for LAKSHMIPURAM 1st STREET, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Villivakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.