Guideline Value for LAKSMI NAGAR

Laksmi Nagar guideline value

The current guideline value of Laksmi Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Ikkadu village under the Tiruvallur Joint 1 SRO, classified as Residential Class II Type - II.

How the guideline value of Laksmi Nagar has changed

Over the years, the guideline value for Laksmi Nagar has seen various revisions. The 2012 revision set the value at Rs 400 per sq.ft, which remained unchanged until the 2023 revision. In 2017, the value was Rs 268 per sq.ft, marking a significant increase of 49% to Rs 400 per sq.ft in 2023. The 2024 revision also kept the value at Rs 400 per sq.ft, showing no change from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. The overall change from the 2012 revision to the 2024 revision is 0%, as the value returned to Rs 400 per sq.ft.

Guideline values in Ikkadu

Ikkadu village has a range of guideline values for its 51 streets under the Tiruvallur Joint 1 SRO, with values ranging from Rs 100 to Rs 1,400 per sq.ft. The median value is Rs 400 per sq.ft, which is the same as the current guideline value for Laksmi Nagar.

• Lakshmi Nagar Annex: Rs 400 per sq.ft (2024)
• Mahalakshmi Nagar- Teachers Mahalakshmi Nagar: Rs 500 per sq.ft (2024)
• Makka Nagar 1st street: Rs 300 per sq.ft (2024)
• Makka Nagar 2nd street: Rs 300 per sq.ft (2024)
• Makka Nagar 3rd street: Rs 300 per sq.ft (2024)
• Mandapam street: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Laksmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would amount to Rs 28,000, and the registration fee at 2% would be Rs 8,000, making the total cost for these fees Rs 36,000. 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 detailed calculations.

Which Sub Registrar Office covers Laksmi Nagar?

Laksmi Nagar falls under the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Ikkadu. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware that the guideline value is a key factor in these calculations.

When registering a property, the guideline value ensures that the transaction is recorded at a value that reflects the local market conditions as determined by the Registration Department. This helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Laksmi Nagar?

The current guideline value of Laksmi Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Laksmi Nagar has changed from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023, with no change in 2024. The overall change from 2012 to 2024 is 0%.

Where can I find the registration office for Laksmi Nagar?

The registration office for Laksmi Nagar is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

What other streets in Ikkadu have guideline values?

Other streets in Ikkadu include Lakshmi Nagar Annex, Mahalakshmi Nagar- Teachers Mahalakshmi Nagar, and several streets in Makka Nagar, each with varying guideline values. The values range from Rs 300 to Rs 500 per sq.ft as of 2024.