Guideline Value for Lakshmi Nagar (G.s.t Road, S.no.301 & 303/2 & 304/1,3,5 & 307/2a)

Lakshmi Nagar (G.S.T Road, S.No.301 & 303/2 & 304/1,3,5 & 307/2A) guideline value

The current guideline value of Lakshmi Nagar (G.S.T Road, S.No.301 & 303/2 & 304/1,3,5 & 307/2A) is Rs 3,500 per sq.ft, effective from 1 July 2024. This property is located in Nandhivaram village and falls under the Gooduvancheri SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Lakshmi Nagar (G.S.T Road, S.No.301 & 303/2 & 304/1,3,5 & 307/2A) has changed

The guideline value for Lakshmi Nagar has experienced several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 3,500 per sq.ft. The 2017 revision marked a significant change, reducing the value to Rs 2,345 per sq.ft, which was a decrease of 33% from the 2012 figure. From 2017 to 2023, there was a substantial increase of 49%, bringing the value back to Rs 3,500 per sq.ft. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Overall, comparing the 2012 revision to the current 2024 revision, the guideline value has remained stable at Rs 3,500 per sq.ft, indicating no change over this period. The most recent revision in 2024 has confirmed the guideline value at Rs 3,500 per sq.ft, maintaining consistency with the previous year.

Guideline values in Nandhivaram

Nandhivaram village has a total of 169 streets under the Gooduvancheri SRO, with values ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median guideline value in this area is Rs 1,500 per sq.ft, placing Lakshmi Nagar's 2024 figure above that median.

• Lakshmi Nagar (3,6,7,8,9,440/A1c): Rs 1,500 per sq.ft (2024)
• Lakshmi Nagar (S.No.235,236): Rs 1,500 per sq.ft (2024)
• Lakshmi Garden: Rs 1,500 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,000 per sq.ft (2024)
• Mahalakshmi Nagar Extn.I to VI: Rs 2,000 per sq.ft (2024)
• Mahalakshmi Nagar Extn.VII to VII A: Rs 2,000 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar (G.S.T Road, S.No.301 & 303/2 & 304/1,3,5 & 307/2A)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,500 per sq.ft, the total guideline value would be Rs 35,00,000. The stamp duty at 7% would amount to Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, bringing the total cost for these fees to Rs 3,15,000. It is important to note that 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 information on fees.

Which Sub Registrar Office covers Lakshmi Nagar (G.S.T Road, S.No.301 & 303/2 & 304/1,3,5 & 307/2A)?

The Lakshmi Nagar area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Nandhivaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar (G.S.T Road, S.No.301 & 303/2 & 304/1,3,5 & 307/2A) is Rs 3,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various revisions, with the most recent being Rs 3,500 per sq.ft in both 2023 and 2024. The value was reduced to Rs 2,345 per sq.ft in 2017 from Rs 3,500 per sq.ft in 2012, but it returned to Rs 3,500 per sq.ft by 2023.

What is the land classification for Lakshmi Nagar?

The land classification for Lakshmi Nagar is Commercial Class I Type - I, indicating its suitability for commercial activities.

What are the registration fees for property in Lakshmi Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 35,00,000, which incurs a stamp duty of Rs 2,45,000 and a registration fee of Rs 70,000, totaling Rs 3,15,000.

Which office handles registrations for Lakshmi Nagar?

The Gooduvancheri Sub Registrar Office handles registrations for Lakshmi Nagar, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone.