Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar in Kannampalayam village is Rs 880 per sq.ft, effective from 1 July 2024. This area falls under the Kunrathur SRO and is classified as Residential Class I Type - I.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2012, where it was Rs 800 per sq.ft. This was followed by a decrease to Rs 536 per sq.ft in 2017. The value then increased significantly to Rs 800 per sq.ft in 2023, and currently stands at Rs 880 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The overall change from 2012 to 2024 shows a modest increase of 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Kannampalayam

In Kannampalayam village, there are 75 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 765 to Rs 4,000 per sq.ft. The median value for these streets is Rs 1,375 per sq.ft, placing Lakshmi Nagar's 2024 figure below this median.

• Lakshmi Town: Rs 2,310 per sq.ft (2024)
• Lingam Nagar: Rs 3,300 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Mahalakshmi Nagar Phase-I: Rs 3,080 per sq.ft (2024)
• Kps Nagar: Rs 2,310 per sq.ft (2024)
• Karpaga Vinayagar Nagar: Rs 990 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 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty at 7% would amount to Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total fees to Rs 79,200. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

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 further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Kannampalayam. It is used to determine the stamp duty and registration fees that buyers must pay at the time of property registration.

When purchasing or selling property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2012 to Rs 536 per sq.ft in 2017, then to Rs 800 per sq.ft in 2023, and currently stands at Rs 880 per sq.ft in 2024.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.

Where can I find the Sub Registrar Office for Lakshmi Nagar?

The Sub Registrar Office covering Lakshmi Nagar is 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 property valued at Rs 8,80,000, the total fees would include a stamp duty of Rs 61,600 and a registration fee of Rs 17,600.