Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class III 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 2002, the guideline value was Rs 93 per sq.ft, which increased to Rs 110 per sq.ft in 2003. The value continued to rise, reaching Rs 500 per sq.ft in 2007, and then saw a substantial jump to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017. The most recent revisions show the guideline value at Rs 1,500 per sq.ft in 2023, with a notable increase to Rs 1,700 per sq.ft in 2024, marking a 13% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by an impressive 1,728%. The changes between the revisions indicate fluctuations, such as a 49% increase from 2017 to 2023 and a dramatic 200% increase from 2007 to 2012. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Lakshmi Nagar's 2024 figure below that median.

• Kumaran Nagar: Rs 1,700 per sq.ft (2024)
• Kumaraguru Street: Rs 1,700 per sq.ft (2024)
• Kumaraguru Avenue Main Road: Rs 1,700 per sq.ft (2024)
• Kumaraguru Avenue Extn.,: Rs 1,700 per sq.ft (2024)
• Kumaraguru Avenue 9th Cross Street: Rs 1,700 per sq.ft (2024)
• Kumaraguru Avenue 8th Cross Street: Rs 1,700 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 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty, charged at 7%, would be Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Therefore, the total cost for stamp duty and registration would be Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar?

The Sub Registrar Office that covers Lakshmi Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor during property registration in Neelankarai. It serves as a reference point for determining the stamp duty and registration fees that buyers must pay when completing a property transaction.

When a property is sold, the guideline value is used to ensure that the transaction is recorded accurately and that the appropriate fees are collected. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 93 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, showing an overall increase of 1,728% over the years.

What is the median guideline value in Neelankarai?

The median guideline value in Neelankarai is Rs 2,200 per sq.ft, with Lakshmi Nagar's guideline value being below this median.

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

For a 1,000 sq.ft property in Lakshmi Nagar, the total stamp duty and registration fees would amount to Rs 1,53,000, based on the current guideline value.

Where is the Sub Registrar Office for Lakshmi Nagar located?

The Sub Registrar Office for Lakshmi Nagar is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.