Guideline Value for Lakshmi Nagar V th Cross Street

Lakshmi Nagar V th Cross Street guideline value

The current guideline value of Lakshmi Nagar V th Cross Street is Rs 3,960 per sq.ft, effective from 1 July 2024. This street is located in Porur village, under the Kunrathur Sub Registrar Office (SRO), and is classified as Residential Special Type - I.

How the guideline value of Lakshmi Nagar V th Cross Street has changed

Over the years, the guideline value for Lakshmi Nagar V th Cross Street has seen several revisions. The earliest recorded figure in the register is from 2002, when the guideline value was Rs 505 per sq.ft. This value increased to Rs 700 per sq.ft in 2003, marking a 39% rise. By 2007, the value further increased to Rs 1,000 per sq.ft, a 43% change. The guideline value then experienced a significant jump to Rs 3,600 per sq.ft in 2012, which represented a 260% increase. However, from 2012 to 2017, the value decreased to Rs 2,412 per sq.ft, a decline of 33%. The value rose again to Rs 3,600 per sq.ft in 2023, and finally, it reached Rs 3,960 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 684%. The revisions from 2017 to 2023 showed a 49% increase, while the jump from 2023 to 2024 was 10%. The register has no figures for the years between 2012 and 2017 for this street.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO that carry a guideline value for 2024, ranging from Rs 2,860 to Rs 6,380 per sq.ft. The median guideline value for these streets is Rs 3,960 per sq.ft, which is equal to the guideline value of Lakshmi Nagar V th Cross Street.

• Lakshmi Nagar VI th Main Road: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar VI th Cross Street: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar V th Main Road: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar XIIIth Cross Street: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar VII th Cross Street: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar XIIth Cross Street: Rs 3,960 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar V th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,960 per sq.ft, the total guideline value amounts to Rs 39,60,000. The stamp duty at 7% would be Rs 2,77,200, while the registration fee at 2% would be Rs 79,200. The total cost for stamp duty and registration fees together would be Rs 3,56,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar V th Cross Street?

The Sub Registrar Office that covers Lakshmi Nagar V th Cross Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Porur. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded accurately for legal and taxation purposes.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar V th Cross Street?

The current guideline value of Lakshmi Nagar V th Cross Street is Rs 3,960 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 505 per sq.ft in 2002 to Rs 3,960 per sq.ft in 2024, reflecting an overall increase of 684% over the years.

What is the land classification for Lakshmi Nagar V th Cross Street?

The land classification for Lakshmi Nagar V th Cross Street is Residential Special Type - I.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,56,400, based on the guideline value of Rs 39,60,000.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.