Guideline Value for Lakshmi Nagar VII Main Road

Lakshmi Nagar VII Main Road guideline value

The current guideline value of Lakshmi Nagar VII Main Road is Rs 3,960 per sq.ft, effective from 1 July 2024. This road is located in Porur village and falls under the Kunrathur Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - I.

How the guideline value of Lakshmi Nagar VII Main Road has changed

The guideline value for Lakshmi Nagar VII Main Road has seen significant changes over the years. In 2002, the value was Rs 505 per sq.ft, which increased to Rs 700 per sq.ft in 2003, marking a rise of 39%. The value then continued to rise, reaching Rs 1,000 per sq.ft in 2007, an increase of 43%. From 2007 to 2012, the value surged to Rs 3,600 per sq.ft, which is a substantial increase of 260%. However, it dropped to Rs 2,412 per sq.ft in 2017, reflecting a decrease of 33%. The value then saw a notable rise to Rs 3,600 per sq.ft in 2023, followed by a further increase to Rs 3,960 per sq.ft in 2024, which is a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 684%. There are no records of revisions for this street in years other than those mentioned.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO, with 2024 guideline values ranging from Rs 2,860 to Rs 6,380 per sq.ft. The median guideline value is Rs 3,960 per sq.ft, making the current value of Lakshmi Nagar VII Main Road equal to the median.

• Lakshmi Nagar VIIIth Cross Street: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar VII th Cross Street: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar VI th Cross Street: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar VI th Main Road: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar V th Cross Street: Rs 3,960 per sq.ft (2024)
• Lakshmi Nagar V th Main Road: Rs 3,960 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar VII Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,960 per sq.ft, the guideline value totals Rs 39,60,000. The stamp duty at 7% would be Rs 2,77,200, and the registration fee at 2% would be Rs 79,200, making the total Rs 3,56,400. It is important to 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 VII Main Road?

The Sub Registrar Office that covers Lakshmi Nagar VII Main Road 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 Porur

The guideline value is a critical factor in property transactions in Porur. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the stamp duty and registration fees applicable during the sale or purchase of property.

When buying or selling property, it is important to be aware of the guideline value as it influences the overall costs involved in the transaction. Ensuring that the property is registered at or above the guideline value helps in maintaining compliance with local regulations.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar VII Main Road?

The current guideline value of Lakshmi Nagar VII Main Road is Rs 3,960 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the most recent increase being from Rs 3,600 per sq.ft in 2023 to Rs 3,960 per sq.ft in 2024, a 10% rise. Overall, from 2002 to 2024, the increase is 684%.

What is the land classification for Lakshmi Nagar VII Main Road?

The land classification for Lakshmi Nagar VII Main Road is Residential Special Type - I, which indicates its intended use for residential purposes.

Where can I find the registration office for this area?

The registration office for Lakshmi Nagar VII Main Road is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

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, for a property valued at Rs 39,60,000, the stamp duty would be Rs 2,77,200 at a rate of 7%.