Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value for Lakshmi Nagar, located in Naduveerapattu village under the Padappai SRO, is Rs 550 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value of Lakshmi Nagar has seen several revisions. The earliest recorded figure is from 2012, which was Rs 500 per sq.ft. This value was then revised to Rs 335 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 550 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register does not have figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Naduveerapattu

Naduveerapattu village has a total of 96 streets under the Padappai SRO, with guideline values ranging from Rs 330 to Rs 2,500 per sq.ft. The median guideline value in the village is Rs 660 per sq.ft, positioning Lakshmi Nagar's 2024 figure below this median.

• Lakshmi Nagar Extn: Rs 550 per sq.ft (2024)
• Madha Nagar: Rs 440 per sq.ft (2024)
• Krishna Nagar: Rs 330 per sq.ft (2024)
• Malar Nagar: Rs 2,010 per sq.ft (2024)
• Metbeev Nagar: Rs 550 per sq.ft (2024)
• Mettis: Rs 550 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 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty, charged at 7%, would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, making the total charges Rs 49,500. 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 Lakshmi Nagar area falls under the jurisdiction of the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Naduveerapattu. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating stamp duty and registration fees during the sale or purchase of property.

When registering a property, the guideline value ensures that the transaction is recorded at a fair price, preventing undervaluation. Buyers and sellers should be aware of the current guideline 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 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then back to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

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

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 1,000 sq.ft plot at the current rate has a guideline value of Rs 5,50,000, leading to a stamp duty of Rs 38,500.