Guideline Value for Lakshmi Garden

Lakshmi Garden guideline value

The current guideline value of Lakshmi Garden in Zaminpallavaram village is Rs 2,100 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class IV Type - I.

How the guideline value of Lakshmi Garden has changed

The guideline value of Lakshmi Garden has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 248 per sq.ft. This value increased significantly to Rs 650 per sq.ft in 2007, marking a rise of 162%. The value then jumped to Rs 2,000 per sq.ft in 2012, reflecting an increase of 208%. However, it saw a decrease to Rs 1,340 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 2,100 per sq.ft, representing a 5% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 747%. It is important to note that the register has no figure for this street in 2002.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are a total of 638 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Lakshmi Garden is below this median.

• Lake View Street: Rs 2,750 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,160 per sq.ft (2024)
• Lakshmi Nagar 2nd Cross Street: Rs 2,160 per sq.ft (2024)
• Kuvari V.O.C. Street: Rs 2,100 per sq.ft (2024)
• Kuvari Road Cross Street: Rs 2,100 per sq.ft (2024)
• Kuvari Road: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value would be Rs 21,00,000. The stamp duty at 7% would amount to Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, making the total Rs 1,89,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Garden?

The Lakshmi Garden area is covered by 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 Zaminpallavaram

The guideline value is a crucial factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Garden?

The current guideline value of Lakshmi Garden is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 248 per sq.ft in 2003 to Rs 2,100 per sq.ft in 2024, reflecting an overall increase of 747% over this period.

What is the land classification of Lakshmi Garden?

Lakshmi Garden is classified as Residential Class IV Type - I, indicating its suitability for residential development.

Where can I find the registration office for Lakshmi Garden?

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

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 21,00,000 would incur a stamp duty of Rs 1,47,000.