Guideline Value for Lakshmi Nagar Extn.

Lakshmi Nagar Extn. guideline value

The current guideline value of Lakshmi Nagar Extn., located in Zaminpallavaram village, is Rs 2,160 per sq.ft. This value is effective from 1 July 2024 and is classified under Residential Class III Type - I. The property falls under the jurisdiction of the Pallavaram Sub Registrar Office (SRO).

How the guideline value of Lakshmi Nagar Extn. has changed

Since the earliest revision in 2003, the guideline value has seen significant changes. The 2003 revision recorded a value of Rs 554 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking an increase of 81%. The value then doubled to Rs 2,000 per sq.ft in 2012, reflecting a 100% increase. However, from 2012 to 2017, the value dropped by 33% to Rs 1,340 per sq.ft. The most recent revision in 2024 shows a substantial increase of 61% from the 2017 figure, bringing the current guideline value to Rs 2,160 per sq.ft.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 290%. It is important to note that there are no figures available for the years 2023 and 2002 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with the 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that the guideline value for Lakshmi Nagar Extn. is below this median.

• Lakshmi Nagar 2nd Cross Street: Rs 2,160 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,160 per sq.ft (2024)
• Lakshmiram Nagar: Rs 2,750 per sq.ft (2024)
• Lalbagadursasthri 1st Cross 1st Lane: Rs 3,300 per sq.ft (2024)
• Lalbagadursasthri 1st Cross 2nd Lane: Rs 3,300 per sq.ft (2024)
• Lalbagadursasthri 1st Cross 3rd Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar Extn.

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty, calculated at 7%, would be Rs 1,51,200, while the registration fee at 2% would be Rs 43,200. Therefore, the total cost for stamp duty and registration fees would be Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar Extn.?

The Lakshmi Nagar Extn. property falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable stamp duty. This ensures that the tax is based on the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar Extn.?

The current guideline value of Lakshmi Nagar Extn. is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 554 per sq.ft in 2003 to Rs 2,160 per sq.ft in 2024, representing an overall increase of 290% over this period.

What is the land classification for Lakshmi Nagar Extn.?

Lakshmi Nagar Extn. is classified as Residential Class III Type - I, which is relevant for understanding the usage and regulations applicable to the property.

Where can I find the relevant Sub Registrar Office for property registration?

The relevant Sub Registrar Office for Lakshmi Nagar Extn. is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Lakshmi Nagar Extn.?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 21,60,000, the stamp duty at 7% would be Rs 1,51,200.