Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Chikkarayapuram village under the Kunrathur SRO, is Rs 1,430 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of Lakshmi Nagar has changed

Since the 2003 revision, the guideline value for Lakshmi Nagar has seen significant changes. In 2003, the value was Rs 60 per sq.ft, which increased to Rs 300 per sq.ft in 2007, marking a 400% rise. The value then surged to Rs 1,300 per sq.ft in 2012, representing a 333% increase. However, it decreased to Rs 871 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 1,300 per sq.ft in 2023, followed by a further increase to Rs 1,430 per sq.ft in 2024, which is a 10% increase.

Overall, from 2003 to 2024, the guideline value has increased by 2283%. The register does not provide figures for the 2002 revision for this street.

Guideline values in Chikkarayapuram

In Chikkarayapuram, there are 61 streets under the Kunrathur SRO that have a 2024 guideline value ranging from Rs 1,430 to Rs 2,800 per sq.ft, with a median value of Rs 1,980 per sq.ft. The guideline value for Lakshmi Nagar is below this median.

• Lakshmi Nagar/Vistharippu/Babu Garden: Rs 1,760 per sq.ft (2024)
• Kunrathur Main Road: Rs 1,760 per sq.ft (2024)
• Leelavathi Nagar: Rs 1,980 per sq.ft (2024)
• Leelavathi Nagar Avenue: Rs 1,980 per sq.ft (2024)
• Leelavathy Nagar Extn: Rs 1,980 per sq.ft (2024)
• Kulakarai Street: Rs 1,980 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 1,430 per sq.ft, the total guideline value would be Rs 14,30,000. The stamp duty at 7% would amount to Rs 1,00,100, while the registration fee at 2% would be Rs 28,600, bringing the total to Rs 1,28,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Nagar?

The Lakshmi Nagar area is covered by 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 Chikkarayapuram

The guideline value is a crucial factor in the registration of property transactions in Chikkarayapuram. It determines the minimum value at which properties can be registered and is used to calculate the stamp duty and registration fees payable during the transaction.

When you buy or sell property, the guideline value serves as a benchmark for the transaction price. If the sale price is lower than the guideline value, the duty will be calculated based on the guideline value to ensure that the appropriate taxes are collected.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,430 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 60 per sq.ft in 2003 to Rs 1,430 per sq.ft in 2024, reflecting an overall increase of 2283% over the years.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar falls under the Residential Class I Type - III land classification.

What is the registration office for Lakshmi Nagar?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total costs would amount to Rs 1,28,700.