Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar is Rs 770 per sq.ft, effective from 1 July 2024. This area is located in Manimangalam A village, under the Padappai SRO, and is classified as Residential Class II 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 oldest available figure is from the 2017 revision, which was Rs 469 per sq.ft. This increased to Rs 700 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw another increase to Rs 770 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft. The median guideline value for these streets is Rs 880 per sq.ft, placing Lakshmi Nagar's 2024 figure below that median.

• Lakshmi Garden Extension: Rs 880 per sq.ft (2024)
• Lakshmi Nagar Extn: Rs 770 per sq.ft (2024)
• Lenin Garden: Rs 880 per sq.ft (2024)
• Lenin Nagar Phase I: Rs 880 per sq.ft (2024)
• Mada Veethi ( East, West, North and South ): Rs 880 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 880 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 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total fees to Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, 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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process of property transactions in Manimangalam A. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are collected. Buyers and sellers should be aware of the current guideline value to understand their financial obligations 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 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 469 per sq.ft to Rs 770 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the median guideline value for streets in Manimangalam A?

The median guideline value for the 112 streets in Manimangalam A is Rs 880 per sq.ft, which is higher than the current guideline value of Lakshmi Nagar.

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

For a 1,000 sq.ft plot in Lakshmi Nagar, the total stamp duty is Rs 53,900 and the registration fee is Rs 15,400, totaling Rs 69,300.

Where can I find the Sub Registrar Office for Lakshmi Nagar?

The Sub Registrar Office for Lakshmi Nagar is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.