Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Thirumudivakkam village under the Padappai SRO, is Rs 660 per sq.ft. This value is effective from 1 July 2024 and 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 was followed by a decrease to Rs 402 per sq.ft in 2017. Subsequently, the 2023 revision increased the value to Rs 600 per sq.ft, and the most recent 2024 revision raised it to Rs 660 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. However, the value saw a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Thirumudivakkam

In Thirumudivakkam, there are 56 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 3,860 per sq.ft, with a median value of Rs 1,320 per sq.ft. The guideline value of Lakshmi Nagar is below this median.

• Lakshmi Avenue: Rs 1,320 per sq.ft (2024)
• Kundrathur Road: Rs 1,320 per sq.ft (2024)
• Kulaswamini Ligasan Madha Nagar: Rs 660 per sq.ft (2024)
• Mahadevan Street: Rs 1,320 per sq.ft (2024)
• Maha Kavi Bharathi Nagar: Rs 1,320 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 1,320 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 would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total to Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our 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 Thirumudivakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Thirumudivakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value helps in calculating the total costs involved, ensuring that the appropriate fees are paid based on the established rates. This ensures transparency and compliance with local regulations during property transactions.

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?

The guideline value has changed from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then back to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar falls under the Residential Class II Type - I land classification.

Where can I find the registration office for Lakshmi Nagar?

The registration office for 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 higher of the guideline value or the sale price. For example, for a property valued at Rs 6,60,000, the stamp duty would be Rs 46,200 at 7%.