Guideline Value for Lakshmi Nagar 100ft Road Velachery

Lakshmi Nagar 100ft Road Velachery guideline value

The current guideline value of Lakshmi Nagar 100ft Road Velachery is Rs 13,200 per sq.ft, effective from 1 July 2024. This area is located in Velachery village and falls under the Velacheri SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of Lakshmi Nagar 100ft Road Velachery has changed

The guideline value for Lakshmi Nagar 100ft Road Velachery has seen several revisions over the years. The 2012 revision set the value at Rs 12,000 per sq.ft, which was followed by a decrease to Rs 8,040 per sq.ft in the 2017 revision, marking a decline of 33%. However, in the latest 2024 revision, the guideline value increased significantly to Rs 13,200 per sq.ft, reflecting a rise of 64% from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2023 for this street.

Guideline values in Velachery

In Velachery village, a total of 2,691 streets fall under the Velacheri SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, positioning Lakshmi Nagar 100ft Road Velachery above this median.

• Lakshmi Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 1st Extn: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar 100ft Road Velachery

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty, calculated at 7%, would be Rs 9,24,000, while the registration fee at 2% would be Rs 2,64,000, bringing the total fees to Rs 11,88,000. It is important to note that the 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 100ft Road Velachery?

The Sub Registrar Office that covers Lakshmi Nagar 100ft Road Velachery is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It serves as a reference point for the valuation of the property, ensuring that the transaction is recorded at a fair value.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for all property transactions. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar 100ft Road Velachery?

The current guideline value of Lakshmi Nagar 100ft Road Velachery is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2012 to Rs 8,040 per sq.ft in 2017, and then increased to Rs 13,200 per sq.ft in 2024, marking a significant rise of 64% from the 2017 figure.

What is the land classification for Lakshmi Nagar 100ft Road Velachery?

The land classification for Lakshmi Nagar 100ft Road Velachery is Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Lakshmi Nagar 100ft Road Velachery?

The Velacheri Sub Registrar Office, which covers Lakshmi Nagar 100ft Road Velachery, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Lakshmi Nagar 100ft Road Velachery?

Stamp duty for properties in Lakshmi Nagar 100ft Road Velachery is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.