Guideline Value for Lakshmi Nagar 2nd Street

Lakshmi Nagar 2nd Street guideline value

The current guideline value of Lakshmi Nagar 2nd Street is Rs 3,850 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 Street has changed

Over the years, the guideline value of Lakshmi Nagar 2nd Street has seen significant changes. The earliest recorded figure is from 2002, where the value was Rs 168 per sq.ft. This increased to Rs 221 per sq.ft in 2003, marking a rise of 32%. The value then surged dramatically to Rs 1,500 per sq.ft in 2007, an increase of 579%. Following this, in 2012, the value was Rs 3,500 per sq.ft, reflecting a substantial rise of 133%. However, between 2012 and 2017, the value decreased to Rs 2,345 per sq.ft, a decline of 33%. From 2017 to 2023, the value increased to Rs 3,500 per sq.ft, showing a growth of 49%. The most recent revision in 2024 has set the value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

There are no recorded figures for revisions in the years not mentioned. The overall increase from 2002 to 2024 is 2,192%.

Guideline values in Velachery

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

• Lakshmi Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 2nd Extn: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 2nd Cross 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)
• Lakshmi Nagar 3rd Main Road: Rs 3,850 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 3,850 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, making the total cost Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar 2nd Street?

The Lakshmi Nagar 2nd Street falls under 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 buying or selling property in Velachery. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately in the official registry.

When you register a property, the guideline value helps determine the legal obligations for both the buyer and the seller. It is essential to be aware of the guideline value to ensure compliance with local regulations during the property transaction process.

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 3,850 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 168 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 2,192% over the years.

What is the registration office for Lakshmi Nagar 2nd Street?

The registration office for Lakshmi Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is 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. For example, for a 1,000 sq.ft plot, the total guideline value would be Rs 38,50,000, leading to a stamp duty of Rs 2,69,500.

Where can I find more information about stamp duty and registration fees?

More information about stamp duty and registration fees can be found using the stamp duty and registration fee calculator.