Guideline Value for LAKSHMIPURAM 3RD STREET

Lakshmipuram 3rd Street guideline value

The current guideline value of Lakshmipuram 3rd 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 3rd Street has changed

The guideline value for Lakshmipuram 3rd Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,202 per sq.ft, which increased to Rs 1,666 per sq.ft in 2003, marking a 39% increase. The next recorded revision was in 2012, where the value was Rs 8,000 per sq.ft, reflecting a significant increase of 380% from 2003. However, in 2017, the value decreased to Rs 5,360 per sq.ft, a drop of 33% from 2012. The value then rose to Rs 8,000 per sq.ft in 2023, showing a 49% increase from 2017. The most recent revision in 2024 set the guideline value at Rs 8,800 per sq.ft, which is a 10% increase from 2023.

It is important to note that there is no figure available for the year 2007 in the register for Lakshmipuram 3rd Street. Overall, from 2002 to 2024, the guideline value has increased by 632%.

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 guideline value is Rs 8,800 per sq.ft, which is equal to the current guideline value of Lakshmipuram 3rd Street.

• Lakshmipuram 2nd Street: Rs 8,800 per sq.ft (2024)
• Lakshmipuram 1st 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 3rd 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, 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 or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmipuram 3rd Street?

The Sub Registrar Office that covers Lakshmipuram 3rd 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 additional information.

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

The guideline value is a crucial factor in property transactions in Mylapore, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the guideline value, as it can significantly impact the overall costs associated with property transactions. Ensuring that the transaction adheres to the guideline value helps in maintaining transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Lakshmipuram 3rd Street?

The current guideline value of Lakshmipuram 3rd 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 increased from Rs 1,202 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 632%.

What is the stamp duty rate for properties in Lakshmipuram 3rd Street?

The stamp duty rate for properties in Lakshmipuram 3rd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Mylapore Sub Registrar Office located?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property and is essential for calculating stamp duty and registration fees during property transactions.