Guideline Value for Lakshmi Nagar 7th Street

Lakshmi Nagar 7th Street guideline value

The current guideline value of Lakshmi Nagar 7th Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO with a land classification of Residential Class II Type - I.

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

The guideline value for Lakshmi Nagar 7th Street has undergone several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased to Rs 2,500 per sq.ft in 2012. However, there was a significant decrease of 33% to Rs 1,675 per sq.ft in the 2017 revision. The value then rose sharply by 49% to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,700 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that the register has no figures 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 with a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value is Rs 3,300 per sq.ft, indicating that the guideline value of Lakshmi Nagar 7th Street is below this median.

• Lakshmi Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar / Extension: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 2,700 per sq.ft (2024)

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

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

Which Sub Registrar Office covers Lakshmi Nagar 7th Street?

The Lakshmi Nagar 7th Street is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for additional 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 serves as a benchmark for determining the minimum value of the property, ensuring that the transaction is recorded at a fair value.

When registering a property, buyers and sellers must be aware that the guideline value influences the stamp duty and registration fees. These fees are calculated based on the higher of the guideline value or the actual sale price, which plays a crucial role in the overall transaction costs.

Frequently asked questions

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

The current guideline value of Lakshmi Nagar 7th 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, reflecting an overall increase of 170% over the years.

What is the median guideline value in Kolathur?

The median guideline value in Kolathur is Rs 3,300 per sq.ft, which is higher than the current value of Lakshmi Nagar 7th Street.

What are the registration fees for property in Lakshmi Nagar 7th Street?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Which office handles the registration for Lakshmi Nagar 7th Street?

The Sembiam Sub Registrar Office at 5, Papermills Road, Sembiam, Chennai - 600011, handles the registration for Lakshmi Nagar 7th Street.