Guideline Value for Lakshmi Nagar 2nd Cross Street

Lakshmi Nagar 2nd Cross Street guideline value

The current guideline value of Lakshmi Nagar 2nd Cross 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 2nd Cross Street has changed

The guideline value for Lakshmi Nagar 2nd Cross Street has seen several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, it then decreased to Rs 2,345 per sq.ft in 2017. The value rose again to Rs 3,500 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 3,850 per sq.ft. The changes from 2017 to 2023 saw an increase of 49%, while from 2023 to 2024, there was a further increase of 10%.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 157%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Lakshmi Nagar 2nd Cross Street is below this median.

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

Stamp duty and registration fee for property in Lakshmi Nagar 2nd Cross 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, bringing the total cost for these fees to Rs 3,46,500. It is important to note that 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 details.

Which Sub Registrar Office covers Lakshmi Nagar 2nd Cross Street?

The Sub Registrar Office that covers Lakshmi Nagar 2nd Cross 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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation rather than the sale price alone.

When buying or selling property in Velachery, it is essential to be aware of the guideline value as it directly influences the financial aspects of the transaction, including the costs associated with registration.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar 2nd Cross Street?

The current guideline value of Lakshmi Nagar 2nd Cross 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 from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 157% over this period.

What is the land classification for this street?

Lakshmi Nagar 2nd Cross Street is classified as Residential Class II Type - III.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,46,500.

Where can I find the Sub Registrar Office for Lakshmi Nagar 2nd Cross Street?

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