Guideline Value for Lakshmi Ammal Nagar

Lakshmi Ammal Nagar guideline value

The current guideline value of Lakshmi Ammal Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO. The land classification for this locality is Residential Class II Type - I.

How the guideline value of Lakshmi Ammal Nagar has changed

The guideline value for Lakshmi Ammal Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 182 per sq.ft. It increased to Rs 198 per sq.ft in 2003, marking a change of +9%. The value then saw a significant rise to Rs 700 per sq.ft in 2007, which was an increase of +254%. In 2012, the value was revised to Rs 2,500 per sq.ft, reflecting a substantial increase of +257%. However, the 2017 revision saw a decrease to Rs 1,675 per sq.ft, a change of -33%. The latest revision in 2024 has brought the guideline value back up to Rs 2,700 per sq.ft, marking an increase of +61% from 2017.

It is important to note that there is no figure available for the 2023 revision for this street. Overall, from 2002 to 2024, the guideline value has increased by +1,384%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which means that the guideline value for Lakshmi Ammal Nagar is below this median.

• Lakshmi Amman Koil Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Avenue: Rs 2,700 per sq.ft (2024)
• Lake Street: Rs 2,700 per sq.ft (2024)
• Lake Avenue: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Ammal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Ammal Nagar?

The Sub Registrar Office that covers Lakshmi Ammal Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kolathur. It is used to determine the stamp duty and registration fees applicable during the sale or purchase of property. The value ensures that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall cost of the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Lakshmi Ammal Nagar?

The current guideline value of Lakshmi Ammal Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, with an overall rise of +1,384% by 2024. The most notable changes occurred from 2007 to 2012 and from 2012 to 2017.

What is the land classification for Lakshmi Ammal Nagar?

The land classification for Lakshmi Ammal Nagar is Residential Class II Type - I, which indicates its suitability for residential development.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 2,700 per sq.ft would incur specific fees based on the guideline value.