Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Kovur village under the Kunrathur SRO, classified as Residential Special Type - I.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value for Lakshmi Nagar has seen significant changes. The register shows that in 2003, the guideline value was Rs 41 per sq.ft, which increased to Rs 150 per sq.ft in 2007. Following this, there was a substantial jump to Rs 1,500 per sq.ft in 2012, but it then decreased to Rs 1,005 per sq.ft in 2017. The value rose again to Rs 1,500 per sq.ft in 2023, finally reaching Rs 1,650 per sq.ft in the 2024 revision.

Specifically, the changes between revisions include a 266% increase from 2003 to 2007, a 900% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Kovur

In Kovur village, there are 91 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with the median being Rs 1,650 per sq.ft. Lakshmi Nagar's 2024 figure aligns with this median.

• Lakshmi Nagar Extension Babu Garden 1: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar Extension/ Babu Garden 2: Rs 1,650 per sq.ft (2024)
• Kumaran Nagar: Rs 1,320 per sq.ft (2024)
• Madha Nagar: Rs 1,650 per sq.ft (2024)
• Madura Avenue: Rs 1,430 per sq.ft (2024)
• Krishna Street (Suresh Nagar): Rs 1,650 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 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Lakshmi Nagar?

The Sub Registrar Office that covers Lakshmi Nagar 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 Kovur

When buying or selling property in Kovur, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and reflects the minimum value at which properties can be registered.

During the registration process, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 41 per sq.ft in 2003 to Rs 1,650 per sq.ft in 2024, with various increases and decreases in between.

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 is stamp duty calculated in Lakshmi Nagar?

Stamp duty in Lakshmi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2%.

Are there other streets with the same guideline value in Kovur?

Yes, there are several other streets in Kovur that have the same guideline value of Rs 1,650 per sq.ft, including Lakshmi Nagar Extension Babu Garden 1, Lakshmi Nagar Extension Babu Garden 2, Madha Nagar, and Krishna Street (Suresh Nagar).