Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Mogalivakkam village under the Kunrathur SRO, is Rs 3,520 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - I.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 1,142 per sq.ft, which increased significantly to Rs 3,200 per sq.ft in 2012, marking a rise of 180%. However, this value dropped to Rs 2,144 per sq.ft in 2017, reflecting a decrease of 33%. The value then saw a substantial increase to Rs 3,200 per sq.ft in 2023, followed by a further rise to Rs 3,520 per sq.ft in 2024, which is a 10% increase from the previous year.

In summary, the guideline value has changed from Rs 1,142 per sq.ft in 2007 to Rs 3,520 per sq.ft in 2024, representing an overall increase of 208%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mogalivakkam

In Mogalivakkam, there are 98 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,530 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,970 per sq.ft, placing Lakshmi Nagar's 2024 figure above this median.

• Lalitha Avenue: Rs 2,970 per sq.ft (2024)
• Lalithambal Nagar: Rs 2,970 per sq.ft (2024)
• Lalith Avenue Extension: Rs 2,970 per sq.ft (2024)
• Kumudham Nagar Annexe: Rs 3,520 per sq.ft (2024)
• Madha Koil Road: Rs 2,970 per sq.ft (2024)
• Krishnaveni Nagar Extension: Rs 2,970 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 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total costs together to Rs 3,16,800. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our 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 Mogalivakkam

The guideline value is an essential factor when registering property transactions in Mogalivakkam. It serves as a benchmark for determining the stamp duty and registration fees that buyers must pay when purchasing property in the area.

When a property is sold, the guideline value or the sale price is considered to calculate these fees, whichever is higher. This ensures that the government collects appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,142 per sq.ft to Rs 3,520 per sq.ft in 2024, with various fluctuations in between.

What is the land classification for Lakshmi Nagar?

The land classification for Lakshmi Nagar is Mixed Special Type - I.

Where can I find 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 the stamp duty calculated for properties in Lakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 35,20,000, the stamp duty at 7% would be Rs 2,46,400.