Guideline Value for Lakshmi Nagar 3rd Street

Lakshmi Nagar 3rd Street guideline value

The current guideline value of Lakshmi Nagar 3rd Street is Rs 2,200 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 3rd Street has changed

The guideline value for Lakshmi Nagar 3rd Street has undergone several revisions over the years. The earliest available figure is from the 2017 revision, which was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, making the current figure for Lakshmi Nagar 3rd Street below that median.

• Lakshmi Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 6th Street: Rs 2,200 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 2,200 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 to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmi Nagar 3rd Street?

The Sub Registrar Office that covers Lakshmi Nagar 3rd Street is 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 details.

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

The guideline value plays a crucial role in the registration process of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that must be paid during the sale or purchase of a property.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 64% over this period.

What are the other streets in Madipakkam-1 and their guideline values?

Other streets in Madipakkam-1 include Lakshmi Nagar 1st Street, 2nd Street, 4th Street, 5th Street, 6th Street, and 4th Cross Street, all of which have a guideline value of Rs 2,200 per sq.ft in 2024.

What is the registration fee for a property in Lakshmi Nagar 3rd Street?

The registration fee for a property in Lakshmi Nagar 3rd Street is calculated based on the guideline value. For example, for a property valued at Rs 22,00,000, the registration fee would be Rs 44,000 at 2%.

Where can I find the Sub Registrar Office for Lakshmi Nagar 3rd Street?

The Velacheri Sub Registrar Office covers Lakshmi Nagar 3rd Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.