Guideline Value for Lakshmi Nagar 1st Street

Lakshmi Nagar 1st Street guideline value

The current guideline value of Lakshmi Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village under the Virugambakkam SRO, classified as Residential Class III Type - I.

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

The guideline value for Lakshmi Nagar 1st Street has seen several revisions over the years. In 2002, the value was Rs 327 per sq.ft, which increased to Rs 362 per sq.ft in 2003. The value then rose significantly to Rs 750 per sq.ft in 2007, followed by a remarkable increase to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017. The value was Rs 4,000 per sq.ft in 2023, and it has now risen to Rs 4,400 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1246%. The register has no figure for the years not mentioned in the revisions.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which matches the current guideline value for Lakshmi Nagar 1st Street.

• Lakshmi Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Lakshmanasamy Road: Rs 8,800 per sq.ft (2024)
• Lampart Nagar 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Lampart Nagar 1st Main Road: Rs 5,500 per sq.ft (2024)
• Lampart Nagar 2nd Cross Street: Rs 5,500 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty is calculated at 7%, which would be Rs 3,08,000, and the registration fee at 2% amounts to Rs 88,000. Together, the total cost for stamp duty and registration fee would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Lakshmi Nagar 1st Street?

The Sub Registrar Office that covers Lakshmi Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers should be aware that the guideline value is used to calculate the stamp duty and registration fees during the transaction.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. It is essential for both parties to understand the guideline value to ensure compliance with local regulations 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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 327 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting a significant increase of 1246% over this period.

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

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

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

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the 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, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 3,08,000.