Guideline Value

Corporate

Guideline Value for Lakshmi Nagar 2nd Street

₹2200/sq.ft.

The guideline value for Lakshmi Nagar 2nd Street in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 2200 per sq.ft, effective 1 July 2024. It was Rs 2000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Residential Class II Type - I
History
Period Guideline Value
From 1-7-2024 ₹2200 /sq.ft.
From 1-4-2023 ₹2000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1340 /sq.ft.
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Lakshmi Nagar 2nd Street

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Lakshmi Nagar 2nd Street guideline value

The current guideline value of Lakshmi Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

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

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for Lakshmi Nagar 2nd Street for the years 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

The guideline values for 1823 streets in Madipakkam-1 under the Velacheri SRO range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Lakshmi Nagar 2nd Street is below this median.

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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Nagar 2nd Street?

The Sub Registrar Office that covers Lakshmi Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor in the registration process for property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of registration.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for both buyers and sellers. This helps maintain transparency in the property market and ensures compliance with the regulatory framework.

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 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64%. The most recent change was a 10% increase from Rs 2,000 per sq.ft in 2023.

What are the other streets in Madipakkam-1 with the same guideline value?

Other streets in Madipakkam-1 that have the same guideline value of Rs 2,200 per sq.ft in 2024 include Lakshmi Nagar 1st Street, Lakshmi Nagar 3rd Street, Lakshmi Nagar 4th Cross Street, Lakshmi Nagar 4th Street, Lakshmi Nagar 10th Street, and Lakshmi Nagar 5th Street.

What is the registration fee for property in Lakshmi Nagar 2nd Street?

The registration fee for property in Lakshmi Nagar 2nd Street is calculated based on the guideline value. For a property valued at Rs 22,00,000, the registration fee would be Rs 44,000 at a rate of 2%.

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

The Velacheri Sub Registrar Office covers Lakshmi Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO through the provided link.