Guideline Value for LAKSHMIPURAM 2nd STREET

LAKSHMIPURAM 2nd STREET guideline value

The current guideline value of LAKSHMIPURAM 2nd STREET is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Villivakkam village, under the jurisdiction of the Villivakkam SRO, and is classified as Residential Class IV Type - II.

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 2003, the guideline value was Rs 555 per sq.ft, which increased significantly to Rs 1,800 per sq.ft in 2007. Following this, the value rose to Rs 3,000 per sq.ft in 2012, but then saw a decrease to Rs 2,010 per sq.ft in 2017. The value then increased to Rs 3,000 per sq.ft in 2023, and finally, it stands at Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%, while the change from 2012 to 2017 was a decrease of 33%. The period from 2007 to 2012 saw an increase of 67%, and from 2003 to 2007, the value surged by 224%. Overall, from 2003 to 2024, the guideline value has increased by 495%. Notably, there is no figure available for LAKSHMIPURAM 2nd STREET in the 2002 revision.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO 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 of LAKSHMIPURAM 2nd STREET is below this median.

• LAKSHMIPURAM 1st 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 2nd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LAKSHMIPURAM 2nd STREET?

The Sub Registrar Office that covers LAKSHMIPURAM 2nd STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

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

The guideline value plays a crucial role during property registration in Villivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When you buy or sell a property, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the registration process reflects the property's true value.

Frequently asked questions

What is the current guideline value of LAKSHMIPURAM 2nd STREET?

The current guideline value of LAKSHMIPURAM 2nd 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 555 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 495% over the years.

What is the land classification for LAKSHMIPURAM 2nd STREET?

LAKSHMIPURAM 2nd STREET is classified as Residential Class IV Type - II.

What are the stamp duty and registration fees for properties in LAKSHMIPURAM 2nd STREET?

For a property valued at Rs 33,00,000, the stamp duty is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000.

Which office handles the registration for LAKSHMIPURAM 2nd STREET?

The registration for LAKSHMIPURAM 2nd STREET is handled by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.