Guideline Value for Lakshmanan Street

Lakshmanan Street guideline value

The current guideline value of Lakshmanan Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Lakshmanan Street has changed

Over the years, the guideline value of Lakshmanan Street has seen significant changes. The earliest recorded value in 2002 was Rs 1,156 per sq.ft, which increased to Rs 2,800 per sq.ft by 2007, marking a rise of 142%. In 2012, the value was recorded at Rs 7,000 per sq.ft, reflecting a substantial increase of 150% from the previous revision. However, this value dropped by 33% to Rs 4,690 per sq.ft in 2017. The 2023 revision saw the value rise to Rs 7,000 per sq.ft, and the most recent 2024 revision increased it further to Rs 7,700 per sq.ft, representing a 10% increase from the previous year. Notably, the register has no figure for the year 2003.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft, with a median value of Rs 8,800 per sq.ft. Lakshmanan Street's 2024 guideline value is below this median.

• Lake Area Main Road: Rs 9,300 per sq.ft (2024)
• Lake Area 7th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 6th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 5th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 4th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 3rd Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmanan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmanan Street?

The Sub Registrar Office that covers Lakshmanan Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar 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 Nungambakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmanan Street?

The current guideline value of Lakshmanan Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,156 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 566% over the years.

What is the median guideline value in Nungambakkam?

The median guideline value in Nungambakkam for 2024 is Rs 8,800 per sq.ft, with Lakshmanan Street's value being below this median.

What are the stamp duty and registration fees for properties in Lakshmanan Street?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office covers Lakshmanan Street?

The Sub Registrar Office covering Lakshmanan Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.