Guideline Value for Lakshmi Nagar Extension Babu Garden 1

Lakshmi Nagar Extension Babu Garden 1 guideline value

The current guideline value of Lakshmi Nagar Extension Babu Garden 1 is Rs 1,650 per sq.ft, effective from 1 July 2024. This property is located in Kovur village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Lakshmi Nagar Extension Babu Garden 1 has changed

The guideline value has seen several revisions over the years. In 2003, the guideline value was Rs 37 per sq.ft, which increased significantly to Rs 150 per sq.ft in 2007. Following this, the value rose dramatically to Rs 1,500 per sq.ft in 2012. However, it then decreased to Rs 1,005 per sq.ft in 2017. The value further increased to Rs 1,500 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 1,650 per sq.ft. The changes between these revisions include a 900% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024. The register has no figure for this street in 2002.

Guideline values in Kovur

In Kovur, there are 91 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is equal to the guideline value of Lakshmi Nagar Extension Babu Garden 1.

• Lakshmi Nagar Extension/ Babu Garden 2: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Madha Nagar: Rs 1,650 per sq.ft (2024)
• Madura Avenue: Rs 1,430 per sq.ft (2024)
• Kumaran Nagar: Rs 1,320 per sq.ft (2024)
• Krishna Street (Suresh Nagar): Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar Extension Babu Garden 1

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar Extension Babu Garden 1?

The Sub Registrar Office that covers Lakshmi Nagar Extension Babu Garden 1 is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kovur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value is used to assess the tax obligations. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the actual sale price, ensuring that the appropriate fees are collected for property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar Extension Babu Garden 1?

The current guideline value of Lakshmi Nagar Extension Babu Garden 1 is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 37 per sq.ft in 2003 to Rs 1,650 per sq.ft in 2024, with various fluctuations in between, including a peak of Rs 1,500 per sq.ft in 2012 and a decrease to Rs 1,005 per sq.ft in 2017.

What is the land classification of Lakshmi Nagar Extension Babu Garden 1?

The land classification of Lakshmi Nagar Extension Babu Garden 1 is Residential Special Type - I, indicating its suitability for residential development.

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

The stamp duty for a property valued at Rs 16,50,000 would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069. This office handles the registration of properties in the area.