Guideline Value for Lakshmi Nagar Ext

Lakshmi Nagar Ext guideline value

The current guideline value of Lakshmi Nagar Ext is Rs 3,750 per sq.ft, effective from 1 July 2024. This area is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Special Type - III.

How the guideline value of Lakshmi Nagar Ext has changed

The guideline value for Lakshmi Nagar Ext has undergone several revisions over the years. The earliest recorded revision was in 2012, setting the value at Rs 3,500 per sq.ft. This was followed by a decrease to Rs 2,345 per sq.ft in 2017. The value then increased significantly to Rs 3,500 per sq.ft in the 2023 revision, and currently stands at Rs 3,750 per sq.ft from the 2024 revision.

From 2012 to 2017, the guideline value decreased by 33%. However, there was a substantial increase of 49% from 2017 to 2023. The most recent change, from 2023 to 2024, reflects a 7% increase. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Selaiyur

In Selaiyur village, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Lakshmi Nagar Ext's 2024 figure above this median.

• Lakshmi Nagar: Rs 2,900 per sq.ft (2024)
• Lakshmi Avenue: Rs 2,200 per sq.ft (2024)
• Lalbagadur Sastri Street: Rs 950 per sq.ft (2024)
• Lake-Bound Street: Rs 950 per sq.ft (2024)
• Leela Colony: Rs 2,900 per sq.ft (2024)
• Leela Street: Rs 950 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar Ext

For a 1,000 sq.ft plot at the current guideline value of Rs 3,750 per sq.ft, the total guideline value amounts to Rs 37,50,000. The stamp duty, charged at 7%, would be Rs 2,62,500, while the registration fee at 2% would be Rs 75,000, bringing the total to Rs 3,37,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lakshmi Nagar Ext?

The Sub Registrar Office covering Lakshmi Nagar Ext is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Selaiyur. It is used to determine the applicable stamp duty and registration fees, ensuring that the government collects the correct revenue based on the property's value.

When buying or selling property, the guideline value must be considered as it affects the overall cost of the transaction. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which can impact their financial planning.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar Ext?

The current guideline value of Lakshmi Nagar Ext is Rs 3,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then back to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,750 per sq.ft in 2024.

What is the land classification of Lakshmi Nagar Ext?

Lakshmi Nagar Ext is classified as Residential Special Type - III, indicating its intended use for residential purposes.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Lakshmi Nagar Ext?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 37,50,000, the stamp duty would be Rs 2,62,500 at a rate of 7%.