Guideline Value for Lakshmi Nagar Extension III

Lakshmi Nagar Extension III guideline value

The current guideline value of Lakshmi Nagar Extension III is Rs 1,980 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village, under the Padappai SRO, and is classified as Residential Special Type - I.

How the guideline value of Lakshmi Nagar Extension III has changed

The guideline value for Lakshmi Nagar Extension III has undergone several revisions over the years. The latest revision in 2024 set the value at Rs 1,980 per sq.ft, an increase of 10% from the 2023 revision of Rs 1,800 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 1,206 per sq.ft, marking a significant increase of 49% compared to the 2023 figure. The 2012 revision had a value of Rs 1,800 per sq.ft, which was a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register does not have figures for the years 2002, 2003, and 2007 for this street. Therefore, the changes in guideline values before 2012 are not available.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO with a guideline value range from Rs 880 to Rs 4,100 per sq.ft. The median value is Rs 1,650 per sq.ft, placing Lakshmi Nagar Extension III's 2024 figure above this median.

• Lakshmi Nagar Extention: Rs 3,300 per sq.ft (2024)
• LakshmiNarayana Avenue: Rs 990 per sq.ft (2024)
• Lakshmi Nagar: Rs 990 per sq.ft (2024)
• Lakshmi Katatcham Nagar: Rs 1,650 per sq.ft (2024)
• Latheef Nagar: Rs 990 per sq.ft (2024)
• Leda: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar Extension III

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty at 7% would amount to Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total to Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmi Nagar Extension III?

The Sub Registrar Office that covers Lakshmi Nagar Extension III is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Varadarajapuram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar Extension III?

The current guideline value of Lakshmi Nagar Extension III is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2023 to Rs 1,980 per sq.ft in 2024. It was Rs 1,206 per sq.ft in 2017 and Rs 1,800 per sq.ft in 2012.

What is the land classification for Lakshmi Nagar Extension III?

Lakshmi Nagar Extension III is classified as Residential Special Type - I, indicating its designation for residential purposes.

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

The Sub Registrar Office for Lakshmi Nagar Extension III is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 19,80,000 would incur a stamp duty of Rs 1,38,600 at 7%.