Guideline Value for LAKSHMIPURAM N.R.N.STREET

Lakshmipuram N.R.N.Street guideline value

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

How the guideline value of Lakshmipuram N.R.N.Street has changed

The guideline value for Lakshmipuram N.R.N.Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 486 per sq.ft. This increased to Rs 555 per sq.ft in 2003, marking a 14% rise. The subsequent revision in 2007 saw a significant jump to Rs 1,800 per sq.ft, which was an increase of 224%. In 2012, the value decreased to Rs 3,000 per sq.ft, reflecting a decline of 33% from the previous revision.

From 2012 to 2017, the guideline value rose again to Rs 2,010 per sq.ft, a 49% increase. The value then increased to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figure for the years not listed.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value in the village is Rs 4,900 per sq.ft, and the 2024 figure for Lakshmipuram N.R.N.Street is below this median.

• Lakshmipuram Lane: Rs 2,700 per sq.ft (2024)
• Lakshmipuram Extn: Rs 3,300 per sq.ft (2024)
• Lakshmi Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Street (Near Agathiyar Nagar): Rs 3,300 per sq.ft (2024)
• Lakshmipuram 4th Street: Rs 3,300 per sq.ft (2024)
• LAKSHMIPURAM 3rd STREET: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmipuram N.R.N.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, bringing the total fees to Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmipuram N.R.N.Street?

The Sub Registrar Office that covers Lakshmipuram N.R.N.Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Villivakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value rather than fluctuating market prices.

When you buy or sell property, the guideline value helps determine the minimum value at which the property can be registered. This ensures transparency in property transactions and aids in the assessment of taxes due at the time of registration.

Frequently asked questions

What is the current guideline value of Lakshmipuram N.R.N.Street?

The current guideline value of Lakshmipuram N.R.N.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, reflecting an overall increase of 579% over this period.

What is the role of the Villivakkam SRO?

The Villivakkam SRO is responsible for the registration of property transactions in the area, ensuring compliance with local regulations and the collection of applicable fees.

How is stamp duty calculated on properties in Lakshmipuram N.R.N.Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. This ensures that the appropriate fees are collected during property registration.

What other streets have similar guideline values in Villivakkam?

Other streets in Villivakkam have varying guideline values. For example, Lakshmipuram Lane is valued at Rs 2,700 per sq.ft, while several other streets are also valued at Rs 3,300 per sq.ft in 2024.