Guideline Value for Lakshmi Colony

Lakshmi Colony guideline value

The current guideline value of Lakshmi Colony, located in Menambedu village under the Ambattur SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Lakshmi Colony has changed

Over the years, the guideline value of Lakshmi Colony has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in the 2023 revision, and finally, it rose to Rs 1,300 per sq.ft in the 2024 revision. There are no registered figures for this street in the years 2002, 2003, and 2007.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. However, from 2017 to 2023, the guideline value increased significantly by 49%. The change from 2023 to 2024 reflects an 8% increase, leading to an overall increase of 8% from 2012 to 2024.

Guideline values in Menambedu

In Menambedu village, there are 171 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 6,680 per sq.ft, with a median value of Rs 1,003 per sq.ft. The guideline value of Lakshmi Colony is above this median.

• Kuppusamy Street: Rs 1,001 per sq.ft (2024)
• Lenin Street(gnanamurthy nagar): Rs 1,700 per sq.ft (2024)
• Madhavan Street: Rs 1,700 per sq.ft (2024)
• Madhavi Street: Rs 1,700 per sq.ft (2024)
• Krishnan Street: Rs 1,700 per sq.ft (2024)
• Maga Ganapathy Street: Rs 1,001 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, leading to a total of Rs 1,17,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Colony?

The Sub Registrar Office that covers Lakshmi Colony is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Menambedu. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both buyers and sellers adhere to the legal requirements during property transfers.

When purchasing or selling property, the guideline value helps in determining the minimum value at which the property can be registered. This ensures transparency and fairness in property transactions, as it reflects the officially recognized value of the property in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Colony?

The current guideline value of Lakshmi Colony is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Lakshmi Colony?

Lakshmi Colony is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Lakshmi Colony?

The Sub Registrar Office for Lakshmi Colony is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for properties in Lakshmi Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 91,000.