Guideline Value for Lakshmi Nagar 7th Street Extension

Lakshmi Nagar 7th Street Extension guideline value

The current guideline value of Lakshmi Nagar 7th Street Extension is Rs 4,400 per sq.ft, effective from the 2024 revision. This street is located in Thalakanancherry village under the Alandur SRO, classified as Residential Class I Type - II.

How the guideline value of Lakshmi Nagar 7th Street Extension has changed

Over the years, the guideline value for Lakshmi Nagar 7th Street Extension has seen significant changes. The 2007 revision set the value at Rs 2,500 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012, marking a 60% rise. However, this value decreased by 33% to Rs 2,680 per sq.ft in 2017. The subsequent revisions saw an increase to Rs 4,000 per sq.ft in 2023, followed by a further rise to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the value increased by 49%, and overall, from 2007 to 2024, there has been a 76% increase. The guideline value register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Thalakanancherry

In Thalakanancherry, there are 318 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 5,500 per sq.ft. The median value is Rs 3,900 per sq.ft, placing Lakshmi Nagar 7th Street Extension above this median.

• Lakshmi Nagar 8th Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 9th Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 7th Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 7th Stage: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 5th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar 7th Street Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, these fees would total Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lakshmi Nagar 7th Street Extension?

The Lakshmi Nagar 7th Street Extension falls under the jurisdiction of the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Thalakanancherry, as it determines the minimum price at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions adhere to the legal requirements set by the state.

It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process. The guideline value serves as a benchmark for property pricing and is updated periodically to reflect market conditions.

Frequently asked questions

What is the current guideline value for Lakshmi Nagar 7th Street Extension?

The current guideline value for Lakshmi Nagar 7th Street Extension is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting a total increase of 76% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office handles registrations for this street?

The Alandur Sub Registrar Office handles registrations for Lakshmi Nagar 7th Street Extension, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Lakshmi Nagar 7th Street Extension?

The land classification for Lakshmi Nagar 7th Street Extension is Residential Class I Type - II, indicating its suitability for residential development.