Guideline Value for LAKSHMIPURAM STREET

Lakshmipuram Street guideline value

The current guideline value of Lakshmipuram Street is Rs 11,500 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 II Type - III.

How the guideline value of Lakshmipuram Street has changed

The guideline value for Lakshmipuram Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 1,712 per sq.ft. This increased to Rs 1,902 per sq.ft in 2003, marking an increase of 11%. The value then rose significantly to Rs 10,500 per sq.ft in 2012, reflecting a substantial increase of 452%. However, from 2012 to 2017, the value decreased to Rs 7,035 per sq.ft, a decline of 33%. The most recent revision in 2024 saw the guideline value rise to Rs 11,500 per sq.ft, representing a 63% increase from the 2017 figure.

It is important to note that there are no figures available for the years 2007 and 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 572%.

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, with a median value of Rs 8,800 per sq.ft. Lakshmipuram Street's current guideline value of Rs 11,500 per sq.ft is above this median.

• Lakshmipuram Sannadi Street: Rs 8,800 per sq.ft (2024)
• Lala Thottam And Poonthottam: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 3rd Street: Rs 8,800 per sq.ft (2024)
• Lakshmipuram 2nd Street: Rs 8,800 per sq.ft (2024)
• Lakshmipuram 1st Street: Rs 8,800 per sq.ft (2024)
• Lalitha Nagar: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmipuram Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total fees to Rs 10,35,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmipuram Street?

The Sub Registrar Office that covers Lakshmipuram 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 plays a crucial role during property transactions in Mylapore. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the fees are based on a standardized valuation, which can help in maintaining transparency in real estate transactions.

When selling property, the guideline value can also serve as a reference point for both buyers and sellers. It helps in establishing a baseline for negotiations and can influence the final sale price agreed upon by both parties.

Frequently asked questions

What is the current guideline value of Lakshmipuram Street?

The current guideline value of Lakshmipuram Street is Rs 11,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,712 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, representing an overall increase of 572%.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 1,15,00,000, the stamp duty would be Rs 8,05,000 and the registration fee would be Rs 2,30,000, totaling Rs 10,35,000.

Which office handles registrations for Lakshmipuram Street?

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

What is the land classification for Lakshmipuram Street?

Lakshmipuram Street is classified as Residential Class II Type - III.