Guideline Value for Lakshmi Nagar 2nd Street

Lakshmi Nagar 2nd Street guideline value

The current guideline value of Lakshmi Nagar 2nd Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - III.

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

The guideline value for Lakshmi Nagar 2nd Street has seen significant changes over the years. The earliest recorded figure in the register is from 2002, where the guideline value was Rs 344 per sq.ft. This value increased to Rs 650 per sq.ft in 2003, marking an increase of 89%. Following this, the value rose to Rs 900 per sq.ft in 2007, which was a 38% increase. However, between 2007 and 2012, the value decreased to Rs 3,500 per sq.ft, a drop of 33%. The guideline value remained the same in 2012 and did not change until 2017 when it increased to Rs 2,345 per sq.ft.

In the subsequent years, the value saw a substantial increase, reaching Rs 3,500 per sq.ft in 2023, marking a 49% rise from 2017. The most recent revision in 2024 set the guideline value at Rs 3,900 per sq.ft, reflecting an 11% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,034%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, which is the same as the current value for Lakshmi Nagar 2nd Street.

• Lakshmi nagar 1st Street: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar 1st Lane: Rs 3,900 per sq.ft (2024)
• Lakshmi Lane: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar lane: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar Main Road Cross Street: Rs 3,900 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total Rs 3,51,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Nagar 2nd Street?

The Sub Registrar Office covering Lakshmi Nagar 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Adambakkam. It serves as a benchmark for determining the minimum price at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on the official valuation.

During the registration process, buyers and sellers must be aware that the guideline value will influence the total cost of the transaction. It is essential to check the current guideline value for the specific property to avoid any discrepancies during registration.

Frequently asked questions

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

The current guideline value of Lakshmi Nagar 2nd Street is Rs 3,900 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 344 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1,034% over the years.

What is the land classification for Lakshmi Nagar 2nd Street?

Lakshmi Nagar 2nd Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

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

The Sub Registrar Office for Lakshmi Nagar 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Lakshmi Nagar 2nd Street?

Stamp duty for properties in Lakshmi Nagar 2nd Street is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.