Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar in Mudichur village, under the Padappai SRO, is Rs 3,630 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - I.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen several revisions over the years. The earliest recorded value was Rs 250 per sq.ft in 2007. This figure then increased significantly to Rs 3,300 per sq.ft in 2012, representing a remarkable increase of 1220%. However, the value dropped to Rs 2,211 per sq.ft in 2017, a decrease of 33%. The value then rose sharply to Rs 3,300 per sq.ft in 2023, followed by a further increase to Rs 3,630 per sq.ft in 2024, marking a 10% rise.

Overall, from 2007 to 2024, the guideline value has increased by 1352%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Mudichur

In Mudichur, there are 135 streets under the Padappai SRO that have a 2024 guideline value ranging from Rs 880 to Rs 4,000 per sq.ft. The median value is Rs 2,200 per sq.ft, making the current value of Lakshmi Nagar above this median.

• Lakshmi Nagar Extn: Rs 3,630 per sq.ft (2024)
• Kurinji Nagar Extension: Rs 3,630 per sq.ft (2024)
• Kurinji Nagar: Rs 3,630 per sq.ft (2024)
• Lal Bahadur Sasthiri Street: Rs 3,630 per sq.ft (2024)
• Lingam Nagar: Rs 2,200 per sq.ft (2024)
• Madhanapuram: Rs 2,200 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 3,630 per sq.ft, the total guideline value would be Rs 36,30,000. The stamp duty at 7% would be Rs 2,54,100, and the registration fee at 2% would be Rs 72,600, bringing the total to Rs 3,26,700. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmi Nagar?

The Lakshmi Nagar area falls under 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 Mudichur

The guideline value is a crucial factor during property registration in Mudichur. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property in the area.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers must be aware of this value to avoid any discrepancies 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 3,630 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 3,630 per sq.ft in 2024, reflecting a significant overall increase of 1352% over the years.

What is the land classification of Lakshmi Nagar?

Lakshmi Nagar is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the registration office for Lakshmi Nagar?

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

How is stamp duty calculated for properties in Lakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 36,30,000 would incur a stamp duty of Rs 2,54,100 at the rate of 7%.