Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Moonramkattalai village under the Kunrathur SRO, is Rs 1,000 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen several revisions over the years. In the 2007 revision, the value was Rs 250 per sq.ft, which increased significantly to Rs 900 per sq.ft in the 2012 revision, marking a 260% rise. However, in the 2017 revision, the value decreased to Rs 603 per sq.ft, reflecting a 33% drop. The value then increased to Rs 900 per sq.ft in the 2023 revision, followed by another increase to Rs 1,000 per sq.ft in the 2024 revision, which is an 11% rise.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 300%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Moonramkattalai

In Moonramkattalai, there are 43 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 650 to Rs 2,750 per sq.ft, with a median value of Rs 650 per sq.ft. The guideline value for Lakshmi Nagar is above this median.

• K.V. Road: Rs 650 per sq.ft (2024)
• Kundrathur Road: Rs 1,350 per sq.ft (2024)
• Manickapuram: Rs 650 per sq.ft (2024)
• Mariamman Koil Street: Rs 650 per sq.ft (2024)
• Maruthi Nagar: Rs 650 per sq.ft (2024)
• Kandasamy Nagar: Rs 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 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, while the registration fee at 2% would be Rs 20,000, totaling Rs 90,000. 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 Moonramkattalai

The guideline value is a crucial factor during the registration of property transactions in Moonramkattalai. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs in the transaction process. Buyers should be aware of the current guideline value to ensure they are prepared for these expenses.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2024, marking a total increase of 300% over the years.

What are the other streets in Moonramkattalai?

Other streets in Moonramkattalai include K.V. Road, Kundrathur Road, Manickapuram, Mariamman Koil Street, Maruthi Nagar, and Kandasamy Nagar, with varying guideline values.

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. Registration fees are charged at 2% of the guideline value.

Where is the Kunrathur Sub Registrar Office located?

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