Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Ramapuram village under the Chennai South Joint II SRO, is Rs 1,950 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value of Lakshmi Nagar has seen several revisions. The 2012 revision set the value at Rs 1,750 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 1,172 per sq.ft. The 2023 revision increased the value to Rs 1,750 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,950 per sq.ft, marking an increase of 11% from the previous year.

In summary, from the 2012 revision to the 2024 revision, the overall change in guideline value is an increase of 11%. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, indicating that Lakshmi Nagar's 2024 figure is below this median.

• Lakshmi Nagar Cross Street: Rs 1,950 per sq.ft (2024)
• Kurinji Street: Rs 3,550 per sq.ft (2024)
• Kurinji Nagar 1 to 6 Street: Rs 3,550 per sq.ft (2024)
• Kurinji Nagar 1st & 2nd Lane: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 2nd Main Road: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 1st To 5th Cross Street: Rs 3,550 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,950 per sq.ft, the total guideline value amounts to Rs 19,50,000. The stamp duty at 7% would be Rs 1,36,500, and the registration fee at 2% would be Rs 39,000, bringing the total fees to Rs 1,75,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar?

The Sub Registrar Office that covers Lakshmi Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

When buying or selling property in Ramapuram, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is established by the Registration Department and serves as a benchmark for property transactions in the area.

At the time of registration, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Lakshmi Nagar has increased from Rs 1,750 per sq.ft in 2023 to Rs 1,950 per sq.ft in 2024, which is an increase of 11%. From 2012 to 2024, the overall change is an increase of 11% as well.

What is the land classification for Lakshmi Nagar?

The land classification for Lakshmi Nagar is Residential Class III Type - I, indicating its designation for residential purposes.

What are the registration fees for property in Lakshmi Nagar?

For a property valued at Rs 19,50,000, the stamp duty is Rs 1,36,500 and the registration fee is Rs 39,000, totaling Rs 1,75,500.

Which Sub Registrar Office covers Lakshmi Nagar?

The Chennai South Joint II Sub Registrar Office covers Lakshmi Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.