Guideline Value for Lakshmana Nagar

Lakshmana Nagar guideline value

The current guideline value of Lakshmana Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is located in Kottivakkam village under the Adayar SRO, with a land classification of Residential Class II Type - I.

How the guideline value of Lakshmana Nagar has changed

The guideline value for Lakshmana Nagar has seen several revisions over the years. In 2002, the value was Rs 512 per sq.ft, which increased to Rs 610 per sq.ft in 2003. This was followed by a significant rise to Rs 2,500 per sq.ft in 2007, and then to Rs 3,500 per sq.ft in 2012. However, the value decreased to Rs 2,345 per sq.ft in 2017. The most recent revisions show an increase to Rs 3,500 per sq.ft in 2023, and then to the current value of Rs 3,900 per sq.ft in 2024.

The changes between these revisions indicate a growth of 19% from 2002 to 2003, a remarkable 310% from 2003 to 2007, and a 40% increase from 2007 to 2012. The value then decreased by 33% from 2012 to 2017, followed by a 49% increase from 2017 to 2023, and an 11% rise from 2023 to 2024. Overall, the guideline value has increased by 662% from 2002 to 2024.

Guideline values in Kottivakkam

In Kottivakkam, there are 284 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median value is Rs 3,900 per sq.ft, which is equal to the current value of Lakshmana Nagar.

• Lakshmana Perumal Extension: Rs 3,900 per sq.ft (2024)
• Lakshmana Perumal Kalyani Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmana Perumal Kalyani Street: Rs 4,400 per sq.ft (2024)
• Lakshmana Perumal Krishnan Street: Rs 4,400 per sq.ft (2024)
• Lakshmana Perumal Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Lakshmana Perumal Nagar 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmana Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total charges Rs 3,51,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmana Nagar?

The Sub Registrar Office that covers Lakshmana Nagar is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kottivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted transparently and fairly.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the costs involved in the transaction, which are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Lakshmana Nagar?

The current guideline value of Lakshmana Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 512 per sq.ft in 2002, increasing to Rs 3,900 per sq.ft in 2024, with various changes in between.

What is the median guideline value in Kottivakkam?

The median guideline value in Kottivakkam is Rs 3,900 per sq.ft, which is the same as the current value for Lakshmana Nagar.

What are the stamp duty and registration fees for a property in Lakshmana Nagar?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office located for Lakshmana Nagar?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, which covers Lakshmana Nagar.