Guideline Value for Lakshman Nagar 2nd Cross Street

Lakshman Nagar 2nd Cross Street guideline value

The current guideline value of Lakshman Nagar 2nd Cross Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Lakshman Nagar 2nd Cross Street has changed

The guideline value for Lakshman Nagar 2nd Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 360 per sq.ft, which increased to Rs 392 per sq.ft in 2003, marking a 9% rise. By 2007, the value rose significantly to Rs 800 per sq.ft, reflecting a 104% increase. The 2012 revision brought the value to Rs 2,500 per sq.ft, a substantial increase of 213% from the previous figure. However, in 2017, the value decreased to Rs 1,675 per sq.ft, showing a decline of 33%. The guideline value then increased to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,700 per sq.ft in 2024, which is an 8% increase.

Overall, from 2002 to 2024, the guideline value has increased by 650%. The register has no figures for the years not mentioned above.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO, with guideline values ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,301 per sq.ft, placing Lakshman Nagar 2nd Cross Street's 2024 guideline value below that median.

• Lakshman Nagar 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Lakshman Nagar East Central Road: Rs 2,700 per sq.ft (2024)
• Lakshman Nagar East Main Road: Rs 2,700 per sq.ft (2024)
• Lakshman Nagar Main Road: Rs 2,700 per sq.ft (2024)
• Lakshman Nagar West: Rs 2,700 per sq.ft (2024)
• Kuppuswamy Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshman Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration fee would be Rs 2,43,000. 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 information.

Which Sub Registrar Office covers Lakshman Nagar 2nd Cross Street?

The Sub Registrar Office that covers Lakshman Nagar 2nd Cross Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for additional assistance.

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

The guideline value is a crucial factor when registering property in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the costs involved in the transaction, based on the established guideline value for the property.

Frequently asked questions

What is the current guideline value of Lakshman Nagar 2nd Cross Street?

The current guideline value of Lakshman Nagar 2nd Cross Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 360 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 650% over this period.

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

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which Sub Registrar Office is responsible for Lakshman Nagar 2nd Cross Street?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, is responsible for Lakshman Nagar 2nd Cross Street.

What is the land classification for Lakshman Nagar 2nd Cross Street?

The land classification for Lakshman Nagar 2nd Cross Street is Residential Class I Type - I.