Guideline Value for Lakshmi Nagar 2nd Street

Lakshmi Nagar 2nd Street guideline value

The current guideline value of Lakshmi Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

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

The guideline value for Lakshmi Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is Rs 327 per sq.ft in 2002, which increased to Rs 362 per sq.ft in 2003, marking a change of +11%. By 2007, the value saw a significant rise to Rs 750 per sq.ft, an increase of +107%. The 2012 revision recorded a guideline value of Rs 4,000 per sq.ft, reflecting a substantial increase of +433% from 2007. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, a drop of -33%. The 2023 revision set the value at Rs 4,000 per sq.ft, which was a +49% increase from the previous figure. The most recent revision in 2024 sees the guideline value rise to Rs 4,400 per sq.ft, a +10% change from 2023.

There are no figures available for the years that do not have a recorded guideline value for this street. Overall, from 2002 to 2024, the guideline value has increased by +1246%.

Guideline values in Virugambakkam

In Virugambakkam village, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the guideline value of Lakshmi Nagar 2nd Street.

• Lakshmi Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Lakshmanasamy Road: Rs 8,800 per sq.ft (2024)
• Lampart Nagar 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Lampart Nagar 1st Main Road: Rs 5,500 per sq.ft (2024)
• Lampart Nagar 2nd Cross Street: Rs 5,500 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees together to Rs 3,96,000. 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 that covers Lakshmi Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Virugambakkam. It determines the minimum value at which properties must be registered, ensuring that the registration process reflects the fair valuation of properties in the area. This value is used by the Sub Registrar Office to calculate applicable stamp duty and registration fees during the transaction.

When buying or selling property, the guideline value serves as a benchmark for both buyers and sellers. It is essential to be aware of the current guideline value, as it can impact the overall costs involved in the transaction, including taxes and fees that must be paid at the time of 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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 327 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +1246% over the years.

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

The land classification for Lakshmi Nagar 2nd Street is Residential Class III Type - I.

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

For a property valued at Rs 44,00,000, the stamp duty is Rs 3,08,000, and the registration fee is Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Lakshmi Nagar 2nd Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.