Guideline Value for Lakshmi Nagar (ward 5)

Lakshmi Nagar (ward 5) guideline value

The current guideline value of Lakshmi Nagar (ward 5) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kerugambakkam village and falls under the Pammal Sub Registrar Office (SRO). The land classification for this street is Residential Class II Type - I.

How the guideline value of Lakshmi Nagar (ward 5) has changed

The guideline value for Lakshmi Nagar (ward 5) has seen several revisions over the years. The earliest available revision is from 2017, where the guideline value was Rs 1,340 per sq.ft. This figure increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The current 2024 revision reflects an increase to Rs 2,200 per sq.ft, which is a further 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions from 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kerugambakkam

In Kerugambakkam, there are a total of 144 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 4,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which matches the current guideline value for Lakshmi Nagar (ward 5).

• Lakshmi Nagar (ward 6): Rs 2,200 per sq.ft (2024)
• Leelavathy Nagar: Rs 1,980 per sq.ft (2024)
• Lendi Garden: Rs 1,980 per sq.ft (2024)
• Maansarovar Nagar: Rs 3,450 per sq.ft (2024)
• Kundrathur Main Road: Rs 3,300 per sq.ft (2024)
• Madha Town Extension - I: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar (ward 5)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, resulting in Rs 1,54,000, while the registration fee is charged at 2%, amounting to Rs 44,000. Together, the total cost for stamp duty and registration fee is Rs 1,98,000. 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 Nagar (ward 5)?

The Sub Registrar Office that covers Lakshmi Nagar (ward 5) is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor when registering property transactions in Kerugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions reflect a fair value as per government regulations.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for completing the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar (ward 5)?

The current guideline value of Lakshmi Nagar (ward 5) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

What is the land classification for Lakshmi Nagar (ward 5)?

The land classification for Lakshmi Nagar (ward 5) is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Lakshmi Nagar (ward 5)?

The Sub Registrar Office for Lakshmi Nagar (ward 5) is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How are stamp duty and registration fees calculated in Lakshmi Nagar (ward 5)?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 1,98,000.