Guideline Value for Lakshmi Nagar 2nd Extn

Lakshmi Nagar 2nd Extn guideline value

The current guideline value of Lakshmi Nagar 2nd Extn is Rs 3,850 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 Residential Class II Type - III.

How the guideline value of Lakshmi Nagar 2nd Extn has changed

The guideline value for Lakshmi Nagar 2nd Extn has undergone several revisions over the years. The earliest recorded figure is from 2007, when it was Rs 1,500 per sq.ft. This increased to Rs 3,500 per sq.ft in 2012, reflecting a significant rise of 133%. However, it then decreased to Rs 2,345 per sq.ft in 2017, marking a decline of 33%. The value then saw a substantial increase to Rs 3,500 per sq.ft in 2023, followed by another increase to the current rate of Rs 3,850 per sq.ft in 2024, which is a 10% rise.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 157%. It is important to note that there are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Lakshmi Nagar 2nd Extn's current value below that median.

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

Stamp duty and registration fee for property in Lakshmi Nagar 2nd Extn

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 be 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 the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmi Nagar 2nd Extn?

The Sub Registrar Office that covers Lakshmi Nagar 2nd Extn 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 details.

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 benchmark for determining the minimum value at which the property can be registered. Buyers and sellers must consider this value to ensure compliance with registration regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Lakshmi Nagar 2nd Extn 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 the years.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers Lakshmi Nagar 2nd Extn?

The Velacheri Sub Registrar Office covers Lakshmi Nagar 2nd Extn, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value for streets in Velachery?

The median guideline value for streets in Velachery is Rs 4,400 per sq.ft, which is higher than the current guideline value of Lakshmi Nagar 2nd Extn.