Guideline Value for Lakshmi Nagar 5th Street

Lakshmi Nagar 5th Street guideline value

The current guideline value of Lakshmi Nagar 5th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Lakshmi Nagar 5th Street has changed

The guideline value for Lakshmi Nagar 5th Street has seen significant changes over the years. In 2002, the guideline value was Rs 154 per sq.ft, which increased to Rs 221 per sq.ft in 2003, marking a 44% rise. The value further escalated to Rs 1,500 per sq.ft in 2007, a remarkable increase of 579%. Following this, the value remained unchanged at Rs 3,500 per sq.ft from 2012 until 2023.

The latest revision in 2024 raised the guideline value to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year. Notably, there is no figure available for the year 2017 in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Lakshmi Nagar 5th Street's 2024 guideline value is below this median.

• Lakshmi Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 5th Main Road: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 5th Extn: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 6th Extn: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 6th Main Road: Rs 3,850 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 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, while the registration fee at 2% would be Rs 77,000. Together, these fees would total Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, 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 Velachery

The guideline value is an essential factor during property registration in Velachery. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point for both parties. It is crucial to be aware of the current guideline value to understand the financial implications involved in the transaction.

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 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 154 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 2400% over the years.

What is the stamp duty for property in Lakshmi Nagar 5th Street?

The stamp duty for property in Lakshmi Nagar 5th Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Lakshmi Nagar 5th Street located?

The Sub Registrar Office for Lakshmi Nagar 5th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

The land classification for Lakshmi Nagar 5th Street is Residential Class II Type - III, indicating its suitability for residential development.