Guideline Value for Lakshmi Nagar 3rd Extn

Lakshmi Nagar 3rd Extn guideline value

The current guideline value of Lakshmi Nagar 3rd Extn is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Lakshmi Nagar 3rd Extn has changed

The guideline value for Lakshmi Nagar 3rd Extn has undergone several revisions over the years. The earliest available figure is from the 2012 revision, which was Rs 3,500 per sq.ft. This was followed by a decrease to Rs 2,345 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 3,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 3,850 per sq.ft.

Examining the changes, from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The guideline value then saw a rise of 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 value for these streets is Rs 4,400 per sq.ft, placing Lakshmi Nagar 3rd Extn's 2024 figure below that median.

• Lakshmi Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 3rd Main Road: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar 3rd Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to 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 charges to 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 3rd Extn?

The Lakshmi Nagar 3rd Extn area is covered by 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 registering property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay during the registration process.

When a property is sold, the registration office uses the guideline value to calculate the applicable duties. This ensures that the transaction is recorded accurately and that the correct fees are collected based on the established guideline value.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar 3rd Extn?

The current guideline value of Lakshmi Nagar 3rd 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 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then back to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Lakshmi Nagar 3rd Extn?

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 office handles registrations for Lakshmi Nagar 3rd Extn?

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

What is the land classification for Lakshmi Nagar 3rd Extn?

Lakshmi Nagar 3rd Extn is classified as Residential Class II Type - III.