Guideline Value for Lakshmi Amman Koil Street

Lakshmi Amman Koil Street guideline value

The current guideline value of Lakshmi Amman Koil Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of Lakshmi Amman Koil Street has changed

The guideline value for Lakshmi Amman Koil Street has undergone several revisions over the years. In 2002, the value was Rs 198 per sq.ft, which increased to Rs 249 per sq.ft in 2003. The value saw a significant rise to Rs 800 per sq.ft in 2007, followed by a further increase to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft as of the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. There was a notable decline of 33% from 2012 to 2017. The increase from 2007 to 2012 was 213%, and from 2003 to 2007, it rose by 221%. The increase from 2002 to 2003 was 26%. Overall, from 2002 to 2024, the guideline value has increased by 1289%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Lakshmi Amman Koil Street's 2024 figure below that median.

• Labbai Street: Rs 2,750 per sq.ft (2024)
• Lawyer Jaganathan Street: Rs 3,300 per sq.ft (2024)
• Louis Convent Street: Rs 3,300 per sq.ft (2024)
• Luskar Street: Rs 3,850 per sq.ft (2024)
• Luskar Street Ist Lane: Rs 3,850 per sq.ft (2024)
• Luzkar Lane: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Amman Koil Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Lakshmi Amman Koil Street?

The Sub Registrar Office that covers Lakshmi Amman Koil Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Parangimalai, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration process is based on the guideline value or the sale price, whichever is higher.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline values set by the Registration Department.

Frequently asked questions

What is the current guideline value of Lakshmi Amman Koil Street?

The current guideline value of Lakshmi Amman Koil Street is Rs 2,750 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 198 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1289% over this period.

What is the land classification for Lakshmi Amman Koil Street?

Lakshmi Amman Koil Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Lakshmi Amman Koil Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Lakshmi Amman Koil Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty and registration fee of Rs 2,47,500.