Guideline Value for Lakshmi Nagar Extn

Lakshmi Nagar Extn guideline value

The current guideline value of Lakshmi Nagar Extn is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Lakshmi Nagar Extn has changed

The guideline value for Lakshmi Nagar Extn has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, an increase of 10% from the 2023 revision, which was Rs 3,500 per sq.ft. Prior to that, the 2012 revision also recorded a value of Rs 3,500 per sq.ft, indicating no change from 2012 to 2023.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value range from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, making the current value for Lakshmi Nagar Extn below the median.

• Lakshmi Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 7th Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 7th Main Road: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 7th Extn: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 7th Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 6th Street: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. Please note that 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 Extn?

The Sub Registrar Office that covers Lakshmi Nagar Extn is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

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

When you register a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is documented accurately and in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar Extn?

The current guideline value of Lakshmi Nagar Extn is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased by 10% from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024. Overall, from 2012 to 2024, the increase is also 10%.

What is the land classification of Lakshmi Nagar Extn?

Lakshmi Nagar Extn is classified as Residential Class II Type - III, indicating its suitability for residential development.

What are the stamp duty rates for property in Lakshmi Nagar Extn?

The stamp duty for property transactions in Lakshmi Nagar Extn is charged at 7% of the higher value between the guideline value and the sale price.

Where can I find the Sub Registrar Office for Lakshmi Nagar Extn?

The Velacheri Sub Registrar Office covers Lakshmi Nagar Extn and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.