Guideline Value for LAKSHMIPURAM 2ND STREET

Lakshmipuram 2nd Street guideline value

The current guideline value of Lakshmipuram 2nd 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 2nd Street has changed

The guideline value for Lakshmipuram 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 1,044 per sq.ft, which increased to Rs 1,666 per sq.ft in 2003, marking a 60% rise. The value then saw a significant jump to Rs 8,000 per sq.ft in 2012, reflecting a 380% increase from the 2003 figure. However, it dropped to Rs 5,360 per sq.ft in 2017, a decrease of 33% from the 2012 revision.

In 2023, the guideline value was Rs 8,000 per sq.ft, which then increased by 10% to reach the current value of Rs 8,800 per sq.ft in 2024. The overall increase from the 2002 revision to the 2024 revision is 743%. It is important to note that the register has no figure for the year 2007 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which is equal to the current guideline value of Lakshmipuram 2nd Street.

• Lakshmipuram 1st 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 2nd 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, and the registration fee at 2% would be Rs 1,76,000, totaling 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmipuram 2nd Street?

The Sub Registrar Office that covers Lakshmipuram 2nd Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees payable during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmipuram 2nd Street?

The current guideline value of Lakshmipuram 2nd 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 multiple times, with the most recent increase being from Rs 8,000 per sq.ft in 2023 to Rs 8,800 per sq.ft in 2024, a 10% rise.

What is the land classification of Lakshmipuram 2nd Street?

Lakshmipuram 2nd Street is classified as Residential Class III Type - III.

Where can I find the Mylapore Sub Registrar Office?

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

How is the stamp duty calculated for properties in Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 88,00,000, the stamp duty would be calculated at 7% of that amount.