Guideline Value for Lakshmi Colony

Lakshmi Colony guideline value

The current guideline value of Lakshmi Colony, located in Kilkattalai village, is Rs 2,530 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class I Type - II.

How the guideline value of Lakshmi Colony has changed

Over the years, the guideline value for Lakshmi Colony has seen several revisions. The earliest recorded figure is from 2003, where the value was Rs 185 per sq.ft. This increased to Rs 300 per sq.ft in 2007, marking a significant rise of 62%. The value then saw a substantial jump to Rs 2,300 per sq.ft in 2012, which is an increase of 667%. However, it dropped to Rs 1,541 per sq.ft in 2017, a decline of 33%. The guideline value then rose to Rs 2,300 per sq.ft in 2023, followed by the current rate of Rs 2,530 per sq.ft in 2024, reflecting a 10% increase.

It is important to note that there is no figure recorded for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 1268%.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,530 per sq.ft, which is equal to the current value of Lakshmi Colony.

• Lakshmi Colony Extn: Rs 2,530 per sq.ft (2024)
• Lake view Street (Erikkarai Street): Rs 2,530 per sq.ft (2024)
• Lakshmiram Nagar: Rs 2,160 per sq.ft (2024)
• Kumaran Nagar Saroja Ammal Street: Rs 2,530 per sq.ft (2024)
• Kumaran Nagar: Rs 2,530 per sq.ft (2024)
• Kumaran Colony: Rs 1,980 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 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty, calculated at 7%, would be Rs 1,77,100, and the registration fee, at 2%, would be Rs 50,600, making the total fees Rs 2,27,700. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Colony?

The Sub Registrar Office that covers Lakshmi Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value on which stamp duty and registration fees are calculated. When buying or selling property in Kilkattalai, the guideline value will be referenced to ensure compliance with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value to understand their financial obligations during the registration process. This ensures that all transactions are conducted transparently and in accordance with the law.

Frequently asked questions

What is the current guideline value of Lakshmi Colony?

The current guideline value of Lakshmi Colony is Rs 2,530 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 185 per sq.ft in 2003 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 1268% over this period.

What is the land classification for Lakshmi Colony?

Lakshmi Colony is classified as Residential Class I Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property in Lakshmi Colony?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 25,30,000, the total fees would amount to Rs 2,27,700.

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

The Sub Registrar Office for Lakshmi Colony is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044. This office handles all registration activities for the area.