Guideline Value for Lakshmi Nagar 1st Street

Lakshmi Nagar 1st Street guideline value

The current guideline value of Lakshmi Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

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

The guideline value of Lakshmi Nagar 1st Street has seen significant changes over the years. In the 2002 revision, the value was Rs 154 per sq.ft, which increased to Rs 248 per sq.ft in 2003, marking a 61% rise. The following revisions showed substantial increases, with the value jumping to Rs 1,500 per sq.ft in 2007, reflecting a 505% increase. By 2012, the value reached Rs 3,500 per sq.ft, a 133% increase from the previous revision. However, in 2017, the value decreased to Rs 2,345 per sq.ft, a drop of 33%.

In the 2023 revision, the guideline value was set at Rs 3,500 per sq.ft, which then increased to Rs 3,850 per sq.ft in 2024, representing a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 2400%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values for 2024 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, placing Lakshmi Nagar 1st Street's 2024 figure below that median.

• Lakshmi Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 1st Extn: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 2nd Extn: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 2nd Main Road: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the 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 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

When buying or selling property in Velachery, the guideline value is a crucial factor in determining the registration fees and stamp duty. The guideline value serves as a benchmark for property transactions, ensuring that the fees are calculated based on an established value rather than subjective market assessments.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the financial aspects of property transactions. This ensures transparency and uniformity in the registration process across the region.

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 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 154 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 2400% over the years.

What is the classification of Lakshmi Nagar 1st Street?

Lakshmi Nagar 1st Street is classified as Residential Class II Type - III.

Where is the Sub Registrar Office for Lakshmi Nagar 1st Street located?

The Sub Registrar Office for Lakshmi Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 2,69,500.