Guideline Value for Lakshmi Garden Extension

Lakshmi Garden Extension guideline value

The current guideline value of Lakshmi Garden Extension is Rs 880 per sq.ft, effective from 1 July 2024. This area is located in Manimangalam A village and falls under the Padappai SRO, classified as Residential Class I Type - I.

How the guideline value of Lakshmi Garden Extension has changed

The guideline value for Lakshmi Garden Extension has undergone several revisions over the years. In 2017, the value was Rs 536 per sq.ft, which increased to Rs 800 per sq.ft in 2023. The most recent revision in 2024 raised the value to Rs 880 per sq.ft, marking a 10% increase from the 2023 figure. The overall increase from 2017 to 2024 is 64%.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 in the register for this street. This indicates that the guideline value remained unchanged during those years until the significant revisions started from 2017.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft. The median value is Rs 880 per sq.ft, which is the same as the guideline value for Lakshmi Garden Extension.

• Lakshmi Nagar: Rs 770 per sq.ft (2024)
• Lakshmi Nagar Extn: Rs 770 per sq.ft (2024)
• Lenin Garden: Rs 880 per sq.ft (2024)
• Lenin Nagar Phase I: Rs 880 per sq.ft (2024)
• Mada Veethi (East, West, North and South): Rs 880 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Garden Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty, calculated at 7%, would amount to Rs 61,600, while the registration fee at 2% would be Rs 17,600. Together, the total cost for these fees would be Rs 79,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Garden Extension?

The Lakshmi Garden Extension is covered by the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during property transactions in Manimangalam A. It serves as a benchmark for determining the minimum sale price for properties in the area, ensuring that the transaction is registered at a value that reflects the current market conditions as per the official register.

When buyers and sellers engage in property transactions, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the sale, as these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Lakshmi Garden Extension?

The current guideline value of Lakshmi Garden Extension is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 536 per sq.ft in 2017 to Rs 800 per sq.ft in 2023, and then to Rs 880 per sq.ft in 2024, marking a total increase of 64% from 2017 to 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 and the registration fee would be Rs 17,600, totaling Rs 79,200.

Which Sub Registrar Office is responsible for Lakshmi Garden Extension?

The Padappai Sub Registrar Office is responsible for Lakshmi Garden Extension, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the median guideline value in Manimangalam A?

The median guideline value in Manimangalam A is Rs 880 per sq.ft, which is the same as the current guideline value for Lakshmi Garden Extension.