Guideline Value for Lakshmi Nagar 3rd Street

Lakshmi Nagar 3rd Street guideline value

The current guideline value of Lakshmi Nagar 3rd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village under the Sembiam Sub Registrar Office (SRO) and falls under the Residential Class II Type - I land classification.

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

The guideline value for Lakshmi Nagar 3rd Street has undergone several revisions over the years. In 2007, the value was Rs 1,000 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it then decreased to Rs 1,675 per sq.ft in 2017. Following this, the value rose to Rs 2,500 per sq.ft in 2023, and it has now reached Rs 2,700 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

Notably, there are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 170%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. Lakshmi Nagar 3rd Street's 2024 guideline value is below this median.

• Lakshmi Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 7th Street: Rs 2,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lakshmi Nagar 3rd Street?

The Sub Registrar Office that covers Lakshmi Nagar 3rd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Kolathur. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When engaging in property transactions, it is crucial to be aware of the current guideline value, as it may impact the overall costs involved. Buyers and sellers should ensure that they are informed about the latest revisions to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Lakshmi Nagar 3rd Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, marking a total increase of 170% over the years.

What is the guideline value for other streets in Kolathur?

Other streets in Kolathur under the Sembiam SRO have a 2024 guideline value of Rs 2,700 per sq.ft, similar to Lakshmi Nagar 3rd Street.

Where is the Sub Registrar Office located for Lakshmi Nagar 3rd Street?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Lakshmi Nagar 3rd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.