Guideline Value for Lakshmi Nagar lane

Lakshmi Nagar lane guideline value

The current guideline value for Lakshmi Nagar lane in Adambakkam village, under the Alandur SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - III.

How the guideline value of Lakshmi Nagar lane has changed

The guideline value for Lakshmi Nagar lane has seen several revisions over the years. In 2002, the value was Rs 330 per sq.ft, which increased to Rs 600 per sq.ft in 2003. Following this, the value rose by 82% to Rs 900 per sq.ft in 2007. The next revision in 2012 saw a significant increase of 289%, bringing the value to Rs 3,500 per sq.ft. However, in 2017, the value decreased by 33% to Rs 2,345 per sq.ft. The 2023 revision set the value at Rs 3,500 per sq.ft, and the latest revision in 2024 increased it by 11% to Rs 3,900 per sq.ft.

Overall, from 2002 to 2024, the guideline value has increased by 1,082%. There are no figures available for the revisions in years other than those listed above.

Guideline values in Adambakkam

Within Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, which is equal to the guideline value for Lakshmi Nagar lane.

• Lakshmi Nagar Main Road: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar Main Road Cross Street: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar 1st Street: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar 1st Lane: Rs 3,900 per sq.ft (2024)
• Lakshmi Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar lane

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Nagar lane?

The Sub Registrar Office that covers Lakshmi Nagar lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives due revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Lakshmi Nagar lane?

The current guideline value for Lakshmi Nagar lane is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 330 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, showing an overall increase of 1,082% over the years.

What is the registration fee for property in Lakshmi Nagar lane?

The registration fee for property in Lakshmi Nagar lane is 2% of the guideline value. For example, for a property valued at Rs 39,00,000, the registration fee would be Rs 78,000.

Which office handles property registrations in Adambakkam?

The Alandur Sub Registrar Office handles property registrations in Adambakkam. Its address is 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Lakshmi Nagar lane?

Stamp duty for properties in Lakshmi Nagar lane is calculated at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000.