Guideline Value for Lakshmi Nagar VIIIth Cross Street

Lakshmi Nagar VIIIth Cross Street guideline value

The current guideline value of Lakshmi Nagar VIIIth Cross Street is Rs 3,960 per sq.ft, effective from 1 July 2024. This street is located in Porur village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Lakshmi Nagar VIIIth Cross Street has changed

Over the years, the guideline value of Lakshmi Nagar VIIIth Cross Street has seen significant changes. In 2002, the guideline value was Rs 446 per sq.ft. It increased to Rs 700 per sq.ft in 2003, followed by a rise to Rs 1,000 per sq.ft in 2007. The value then jumped to Rs 3,600 per sq.ft in 2012, but decreased to Rs 2,412 per sq.ft in 2017. The value saw a substantial increase to Rs 3,600 per sq.ft in 2023, and currently stands at Rs 3,960 per sq.ft in 2024.

The changes between revisions are noteworthy. From 2002 to 2024, the overall increase in guideline value is 788%. Specifically, the increase from 2017 to 2023 was 49%, while the value decreased by 33% from 2012 to 2017. The most significant rise occurred from 2007 to 2012, with a 260% increase, and from 2003 to 2007, there was a 43% increase. The most recent change from 2023 to 2024 is a 10% increase.

Guideline values in Porur

In Porur village, there are 530 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,860 to Rs 6,380 per sq.ft, with the median value being Rs 3,960 per sq.ft. The guideline value for Lakshmi Nagar VIIIth Cross Street aligns with this median.

• Lakshmi Nagar VII Main Road: 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 VIIIth Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,960 per sq.ft, the total guideline value would be 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, bringing the total cost to Rs 3,56,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Lakshmi Nagar VIIIth Cross Street?

The Sub Registrar Office that covers Lakshmi Nagar VIIIth Cross Street 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 plays a crucial role in the registration process of property transactions in Porur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transfer of property ownership.

When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the necessary taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar VIIIth Cross Street?

The current guideline value of Lakshmi Nagar VIIIth Cross Street 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 from Rs 446 per sq.ft in 2002 to Rs 3,960 per sq.ft in 2024, reflecting an overall increase of 788% over the years.

What is the land classification for Lakshmi Nagar VIIIth Cross Street?

The land classification for Lakshmi Nagar VIIIth Cross Street is Residential Special Type - I.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for properties in Lakshmi Nagar VIIIth Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a plot of 1,000 sq.ft at the current rate would incur a stamp duty of Rs 2,77,200.