Guideline Value for Lakshmi Nagar 5th Street

Lakshmi Nagar 5th Street guideline value

The current guideline value of Lakshmi Nagar 5th 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 5th Street has changed

The guideline value for Lakshmi Nagar 5th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase of 10% from the 2023 revision of Rs 2,000 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 1,340 per sq.ft, reflecting a significant increase of 49% to the 2023 figure. There are no recorded figures for the years 2002, 2003, 2007, and 2012 in the register for this street.

Overall, from the 2017 revision to the current 2024 revision, the guideline value has increased by 64%. This steady rise highlights the changes in property valuation over the years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Lakshmi Nagar 5th Street's 2024 figure below this median.

• Lakshmi Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to 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 or the sale price.

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

Which Sub Registrar Office covers Lakshmi Nagar 5th Street?

The Sub Registrar Office that covers Lakshmi Nagar 5th 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property in the area.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a fair value, reflecting the current market conditions as set by the Registration Department.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar 5th Street?

The current guideline value of Lakshmi Nagar 5th 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, marking an overall increase of 64% over this period.

What is the registration office for Lakshmi Nagar 5th Street?

The registration office for Lakshmi Nagar 5th 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 5th 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 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.

What is the land classification for Lakshmi Nagar 5th Street?

Lakshmi Nagar 5th Street is classified as Residential Class II Type - I according to the guidelines set by the Registration Department.