Guideline Value for Lakshmanasamy Road

Lakshmanasamy Road guideline value

The current guideline value of Lakshmanasamy Road is Rs 8,800 per sq.ft, effective from 1 July 2024. This road is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Commercial Special Type - II.

How the guideline value of Lakshmanasamy Road has changed

The guideline value for Lakshmanasamy Road has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 1,000 per sq.ft. This increased to Rs 1,107 per sq.ft in 2003, marking an increase of 11%. The value then rose significantly to Rs 2,650 per sq.ft in 2007, reflecting a 139% increase. In 2012, the value was Rs 8,000 per sq.ft, which was a decrease of 33% from the previous revision. The 2017 revision recorded a value of Rs 5,360 per sq.ft, which was an increase of 49% from 2012. The 2023 revision set the value at Rs 8,000 per sq.ft, and the latest revision in 2024 has increased it to Rs 8,800 per sq.ft, a rise of 10%.

There are no figures available for the years between these revisions for Lakshmanasamy Road. Overall, from 2002 to 2024, the guideline value has increased by 780%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, positioning Lakshmanasamy Road's 2024 value above this median.

• Lakshmi Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Lampart Nagar 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Lampart Nagar 1st Main Road: Rs 5,500 per sq.ft (2024)
• Lampart Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmanasamy Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty, charged at 7%, would amount to Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000. Together, the total cost for stamp duty and registration would be Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmanasamy Road?

The Sub Registrar Office that covers Lakshmanasamy Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be sold or bought, ensuring that the transaction is recorded accurately for taxation purposes.

When you buy or sell property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Lakshmanasamy Road?

The current guideline value of Lakshmanasamy Road is Rs 8,800 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 1,000 in 2002 to Rs 8,800 in 2024, reflecting an overall increase of 780% over this period.

What is the land classification for Lakshmanasamy Road?

Lakshmanasamy Road is classified as Commercial Special Type - II, which influences its guideline value and potential uses.

Where can I find the Sub Registrar Office for Lakshmanasamy Road?

The Sub Registrar Office for Lakshmanasamy Road is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties on Lakshmanasamy Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 at a rate of 7%.