Guideline Value for Lakshmi Nagar (ward 6)

Lakshmi Nagar (ward 6) guideline value

The current guideline value of Lakshmi Nagar (ward 6) 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 6) has changed

The guideline value for Lakshmi Nagar (ward 6) has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 shows a further increase to Rs 2,200 per sq.ft, reflecting a 10% rise 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 in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kerugambakkam

In Kerugambakkam, there are 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 value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Lakshmi Nagar (ward 6).

• Lakshmi Nagar (ward 5): 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 6)

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 charged at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar (ward 6)?

The Lakshmi Nagar (ward 6) area is covered by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

When buying or selling property in Kerugambakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is the minimum value at which a property can be registered, and it is used by the authorities to calculate the applicable duties.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations during the registration process. Ensuring that the sale price meets or exceeds the guideline value is necessary to avoid any complications during registration.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar (ward 6)?

The current guideline value of Lakshmi Nagar (ward 6) 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, representing an overall increase of 64% over this period.

What is the land classification of Lakshmi Nagar (ward 6)?

The land classification for Lakshmi Nagar (ward 6) is Residential Class II Type - I.

Where can I find the Pammal Sub Registrar Office?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is stamp duty calculated in Lakshmi Nagar (ward 6)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.