Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Moulivakkam village under the Kunrathur SRO, is Rs 2,650 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 seen significant changes over the years. In the 2003 revision, the value was Rs 102 per sq.ft. This figure rose dramatically by 2253% to Rs 2,400 per sq.ft in the 2012 revision. However, it decreased by 33% to Rs 1,608 per sq.ft in the 2017 revision. The subsequent revision in 2023 saw an increase of 49%, bringing the value to Rs 2,400 per sq.ft. The most recent revision in 2024 has further increased the guideline value by 10%, setting it at Rs 2,650 per sq.ft.

It is important to note that the register has no figures for the years 2002 and 2007 for this street. Overall, from the 2003 revision to the current 2024 revision, the guideline value has increased by 2498%.

Guideline values in Moulivakkam

In Moulivakkam, there are 44 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,000 to Rs 3,900 per sq.ft, with a median value of Rs 2,450 per sq.ft. The guideline value for Lakshmi Nagar is above this median.

• L.T. Avenue: Rs 2,650 per sq.ft (2024)
• Madha Nagar: Rs 2,650 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,450 per sq.ft (2024)
• Mangadu Road: Rs 2,650 per sq.ft (2024)
• Kavari Nagar: Rs 2,650 per sq.ft (2024)
• Mawlieswarar Nagar: Rs 2,650 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 2,650 per sq.ft, the total guideline value would be Rs 26,50,000. The stamp duty at 7% would amount to Rs 1,85,500, and the registration fee at 2% would be Rs 53,000. Together, the total cost for these fees would be Rs 2,38,500. It is important to note that the 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 more information.

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 details.

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

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

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 2,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2003 revision, the guideline value has increased by 2498%, going from Rs 102 per sq.ft to Rs 2,650 per sq.ft in 2024.

What are the stamp duty rates for property in Lakshmi Nagar?

The stamp duty for property in Lakshmi Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the median guideline value for streets in Moulivakkam?

The median guideline value for streets in Moulivakkam is Rs 2,450 per sq.ft, with Lakshmi Nagar's value being above this median.