Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Panapakkam village under the Padappai SRO, is Rs 660 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II 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 2012 revision set the value at Rs 600 per sq.ft, which then decreased to Rs 402 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 600 per sq.ft, and the most recent 2024 revision raised it further to Rs 660 per sq.ft, marking a 10% increase from the previous year.

In total, from 2012 to 2024, the guideline value has increased by 10%. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Panapakkam

In Panapakkam, there are 28 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 990 per sq.ft. The median value for these streets is Rs 770 per sq.ft, placing Lakshmi Nagar's 2024 figure below that median.

• Krishna Nagar: Rs 550 per sq.ft (2024)
• Oragadam Villa: Rs 770 per sq.ft (2024)
• Pallavan Nagar: Rs 770 per sq.ft (2024)
• Ganapthipuram: Rs 990 per sq.ft (2024)
• Ezhil Nagar: Rs 550 per sq.ft (2024)
• Eligancia: Rs 770 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 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total cost for these fees to Rs 59,400. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

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 information.

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

The guideline value plays a crucial role during property transactions in Panapakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate the applicable stamp duty and registration fees.

When a buyer purchases a property, the registration office uses the guideline value to assess the transaction. This ensures that the property is valued accurately for taxation purposes, and it helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen fluctuations: it was Rs 600 in 2012, decreased to Rs 402 in 2017, then increased to Rs 600 in 2023, and finally to Rs 660 in 2024.

What is the stamp duty for property in Lakshmi Nagar?

The stamp duty for property in Lakshmi Nagar is 7% of the guideline value, which means it would be Rs 46,200 for a property valued at Rs 6,60,000.

Where is the Sub Registrar Office for Lakshmi Nagar located?

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

What are the guideline values of other streets in Panapakkam?

Other streets in Panapakkam have guideline values ranging from Rs 550 to Rs 990 per sq.ft. For example, Krishna Nagar has a guideline value of Rs 550 per sq.ft, while Ganapthipuram has the highest at Rs 990 per sq.ft.