Guideline Value for Lakshmi Nagar 1st Street

Lakshmi Nagar 1st Street guideline value

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

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

Over the years, the guideline value of Lakshmi Nagar 1st Street has seen several revisions. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in the 2012 revision. The value remained unchanged at Rs 2,500 per sq.ft until the 2023 revision, which raised it to Rs 2,700 per sq.ft, marking an 8% increase. Overall, from 2007 to 2024, the guideline value has increased by 170%.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2017 for this street. The 2024 revision reflects the most current guideline value.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that the guideline value for Lakshmi Nagar 1st Street is below this median.

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees together to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar 1st Street?

The Sub Registrar Office that covers Lakshmi Nagar 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Kolathur, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value helps ensure that the sale price reflects the current market standards, and it aids in the proper assessment of taxes owed during the registration process.

Frequently asked questions

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

The current guideline value of Lakshmi Nagar 1st Street 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 from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting a total increase of 170% over the years.

What are the stamp duty and registration fees for properties in this area?

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

Which Sub Registrar Office handles property registrations for Lakshmi Nagar 1st Street?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, handles registrations for Lakshmi Nagar 1st Street.

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

The land classification for Lakshmi Nagar 1st Street is Residential Class II Type - I, indicating its designated use for residential purposes.