Guideline Value for Lakshmi Lane

Lakshmi Lane guideline value

The current guideline value of Lakshmi Lane in Adambakkam village, under the Alandur SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Lakshmi Lane has changed

The guideline value for Lakshmi Lane has undergone several revisions over the years. In 2002, the guideline value was Rs 234 per sq.ft, which increased to Rs 600 per sq.ft in 2003, marking a significant change of +156%. The value then rose to Rs 900 per sq.ft in 2007, reflecting a further increase of +50%. In 2012, the value was recorded at Rs 3,500 per sq.ft, showing a substantial rise of +289% from the previous revision. However, this value decreased to Rs 2,345 per sq.ft in 2017, a drop of -33%.

From 2017 to 2023, the guideline value saw a significant increase to Rs 3,500 per sq.ft, representing a rise of +49%. The most recent revision in 2024 set the guideline value at Rs 3,900 per sq.ft, an increase of +11% from the previous year. Overall, from 2002 to 2024, the guideline value has increased by +1567%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft, with the median value being Rs 3,900 per sq.ft. Lakshmi Lane's 2024 figure aligns with this median.

• Lakshmi Nagar 1st Lane: Rs 3,900 per sq.ft (2024)
• Lakshmi nagar 1st Street: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Labour Well Street Main: Rs 3,900 per sq.ft (2024)
• Labour Well First Street: Rs 2,800 per sq.ft (2024)
• Labour Well 3rd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Lane?

The Sub Registrar Office covering Lakshmi Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When a property is sold, the stamp duty and registration fees are calculated 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 Lane?

The current guideline value of Lakshmi Lane is Rs 3,900 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 234 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of +1567% over the years.

What are the stamp duty rates for properties in Lakshmi Lane?

The stamp duty for properties in Lakshmi Lane is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What other streets have the same guideline value as Lakshmi Lane?

Other streets in Adambakkam that have the same guideline value of Rs 3,900 per sq.ft in 2024 include Lakshmi Nagar 1st Lane, Lakshmi nagar 1st Street, Lakshmi Nagar 2nd Street, and Labour Well Street Main.