Guideline Value for Lakshmi Nagar 1 St Street

Lakshmi Nagar 1 St Street guideline value

The current guideline value of Lakshmi Nagar 1 St Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village, under the Selaiyur SRO, and is classified as Residential Class III Type - I.

How the guideline value of Lakshmi Nagar 1 St Street has changed

The guideline value for Lakshmi Nagar 1 St Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in 2017. Following this, the value increased to Rs 1,200 per sq.ft in 2023, and finally, it reached Rs 1,300 per sq.ft in the 2024 revision, marking an increase of 8% from the previous year.

From 2017 to 2023, there was a significant increase of 49%. However, the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value in this village is Rs 2,200 per sq.ft, indicating that the 2024 figure for Lakshmi Nagar 1 St Street is below this median.

• Lakshmi Nagar: Rs 4,800 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 1,300 per sq.ft (2024)
• Maha Ganapathy Street: Rs 1,400 per sq.ft (2024)
• Maha Sakthi Colony: Rs 2,400 per sq.ft (2024)
• Maha Sakthi Colony 1st Cross Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar 1 St Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar 1 St Street?

The Lakshmi Nagar 1 St Street falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Chembakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the state receives the appropriate stamp duty and registration fees.

When buying or selling property, both the buyer and seller must be aware of the guideline value, as it influences the financial aspects of the transaction. It is essential to consult the latest figures to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar 1 St Street?

The current guideline value of Lakshmi Nagar 1 St Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Lakshmi Nagar 1 St Street?

Lakshmi Nagar 1 St Street is classified as Residential Class III Type - I.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Lakshmi Nagar 1 St Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.