Guideline Value for Lakshma Nagar 5th Street Extension

Lakshma Nagar 5th Street Extension guideline value

The current guideline value of Lakshma Nagar 5th Street Extension is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village and falls under the Alandur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Lakshma Nagar 5th Street Extension has changed

The guideline value for Lakshma Nagar 5th Street Extension has seen several revisions over the years. In 2002, the value was Rs 364 per sq.ft, which increased to Rs 408 per sq.ft in 2003, marking a rise of 12%. The value then surged significantly to Rs 1,300 per sq.ft in 2007, reflecting a substantial increase of 219%. Following this, the value was revised to Rs 2,500 per sq.ft in 2012, which was a decrease of 33% from the previous revision. The value then rose to Rs 1,675 per sq.ft in 2017, an increase of 49% from 2012.

The most recent revisions show a rise to Rs 2,500 per sq.ft in 2023, and then a further increase to Rs 2,800 per sq.ft in 2024, which is a 12% change. Overall, from 2002 to 2024, the guideline value has increased by 669%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO, with guideline values ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, which is equal to the current guideline value of Lakshma Nagar 5th Street Extension.

• K V K Samy street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 10th Street: Rs 2,800 per sq.ft (2024)
• Lakshmi Nagar 10th Street Extension: Rs 2,800 per sq.ft (2024)
• Kuppu swamy Street Main: Rs 2,200 per sq.ft (2024)
• Kuppu Swamy Nagar: Rs 2,200 per sq.ft (2024)
• Kuppuswamy Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshma Nagar 5th Street Extension

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. 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 Lakshma Nagar 5th Street Extension?

The Sub Registrar Office that covers Lakshma Nagar 5th Street Extension is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Ullagaram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the property is valued appropriately for tax purposes.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which means they need to consider both figures during the transaction.

Frequently asked questions

What is the current guideline value of Lakshma Nagar 5th Street Extension?

The current guideline value of Lakshma Nagar 5th Street Extension is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 364 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, marking a total increase of 669% over the years.

What are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 2,52,000, based on the guideline value of Rs 28,00,000.

Which office handles property registrations in Ullagaram?

The Alandur Sub Registrar Office handles property registrations in Ullagaram, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Lakshma Nagar 5th Street Extension?

The land classification for Lakshma Nagar 5th Street Extension is Residential Class II Type - I.