Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Manancheri village under the Kunrathur SRO, is Rs 990 per sq.ft, effective from 1 July 2024. This area 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 revision is from 2007, where the value was Rs 175 per sq.ft. This increased significantly to Rs 900 per sq.ft in 2012, marking a 414% rise. However, it then decreased to Rs 603 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 900 per sq.ft in 2023, followed by a further rise to Rs 990 per sq.ft in 2024, representing a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 466%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Manancheri

In Manancheri, there are 59 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 3,400 per sq.ft. The median value is Rs 990 per sq.ft, which is equal to the guideline value of Lakshmi Nagar.

• Kundrathur Garden Phase III: Rs 990 per sq.ft (2024)
• Manancherri Colony: Rs 990 per sq.ft (2024)
• Manancherri Main Road: Rs 1,320 per sq.ft (2024)
• K.M.K.Nagar: Rs 990 per sq.ft (2024)
• Mayana salai: Rs 990 per sq.ft (2024)
• M.M.Avenue: 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 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total fees together to Rs 89,100. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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 Manancheri

The guideline value is a crucial factor during the registration of property transactions in Manancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property based on current market conditions. It is essential for buyers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 175 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, marking an overall increase of 466% over the years.

What is the land classification of Lakshmi Nagar?

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

What are the stamp duty and registration fees for property in Lakshmi Nagar?

For a property valued at Rs 9,90,000, the stamp duty would be Rs 69,300 and the registration fee would be Rs 19,800, totaling Rs 89,100.

Which office handles registrations for Lakshmi Nagar?

The Kunrathur Sub Registrar Office handles registrations for Lakshmi Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.