Guideline Value for Lakshmi Nagar Cross Street

Lakshmi Nagar Cross Street guideline value

The current guideline value of Lakshmi Nagar Cross Street is Rs 1,950 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village, under the Chennai South Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of Lakshmi Nagar Cross Street has changed

Starting from the 2012 revision, the guideline value for Lakshmi Nagar Cross Street was Rs 1,750 per sq.ft. In the 2017 revision, it decreased to Rs 1,172 per sq.ft, reflecting a change of -33%. The value then increased to Rs 1,750 per sq.ft in the 2023 revision, followed by a rise to Rs 1,950 per sq.ft in the 2024 revision, marking an increase of 11% from the previous year.

Between the 2017 and 2023 revisions, the guideline value saw a significant increase of 49%. Overall, from the 2012 to 2024 revisions, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, making the 2024 figure for Lakshmi Nagar Cross Street below this median.

• Lakshmi Nagar: Rs 1,950 per sq.ft (2024)
• Kurinji Street: Rs 3,550 per sq.ft (2024)
• Kurinji Nagar 1 to 6 Street: Rs 3,550 per sq.ft (2024)
• Kurinji Nagar 1st & 2nd Lane: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 2nd Main Road: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 1st To 5th Cross Street: Rs 3,550 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 1,950 per sq.ft, the guideline value amounts to Rs 19,50,000. The stamp duty at 7% would be Rs 1,36,500, while the registration fee at 2% would be Rs 39,000, bringing the total to Rs 1,75,500. 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 Cross Street?

The Sub Registrar Office that covers Lakshmi Nagar Cross Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Ramapuram, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware that the stamp duty and registration fees are calculated based on this guideline value or the actual sale price, whichever is higher.

When buying or selling property, it is essential to consult the guideline value to ensure compliance with registration requirements. This value is regularly updated, reflecting changes in the real estate market and local conditions.

Frequently asked questions

What is the current guideline value for Lakshmi Nagar Cross Street?

The current guideline value for Lakshmi Nagar Cross Street is Rs 1,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,750 per sq.ft in 2012 to Rs 1,172 per sq.ft in 2017, then back to Rs 1,750 per sq.ft in 2023, and finally to Rs 1,950 per sq.ft in 2024.

What is the land classification for Lakshmi Nagar Cross Street?

Lakshmi Nagar Cross Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Lakshmi Nagar Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Ramapuram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 19,50,000, the stamp duty would be calculated at 7% of that amount.