Guideline Value for Lakshmi Nagar / Extension

Lakshmi Nagar / Extension guideline value

The current guideline value of Lakshmi Nagar / Extension is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO, classified as Residential Class II Type - I.

How the guideline value of Lakshmi Nagar / Extension has changed

The guideline value for Lakshmi Nagar / Extension has seen significant changes over the years. In 2002, the guideline value was Rs 233 per sq.ft, which increased to Rs 253 per sq.ft in 2003. Following this, the value surged to Rs 1,000 per sq.ft in 2007, marking a substantial increase of 295%. By 2012, the value was Rs 2,500 per sq.ft, reflecting a 150% rise from the previous revision. However, it then decreased to Rs 1,675 per sq.ft in 2017, representing a decline of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 2,500 per sq.ft, showing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, which is an 8% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 1,059%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Lakshmi Nagar / Extension is below this median.

• Lakshmi Nagar 7th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar / Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration fee would be Rs 2,43,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Lakshmi Nagar / Extension?

The Sub Registrar Office that covers Lakshmi Nagar / Extension is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property registration in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered. When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used for calculating stamp duty and registration fees.

Understanding the guideline value is essential for buyers and sellers to ensure compliance with legal requirements during property transactions. It helps in accurately assessing the financial obligations associated with property registration.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar / Extension?

The current guideline value of Lakshmi Nagar / Extension is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 233 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, which is an overall increase of 1,059%.

What is the land classification for Lakshmi Nagar / Extension?

Lakshmi Nagar / Extension is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for a property in Lakshmi Nagar / Extension?

For a property valued at Rs 27,00,000, the stamp duty is Rs 1,89,000 and the registration fee is Rs 54,000, totaling Rs 2,43,000.

Where is the Sub Registrar Office located for Lakshmi Nagar / Extension?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.