Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Agaram Male village under the Poonamallee SRO, is Rs 770 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen several revisions over the years. In the 2012 revision, the value was set at Rs 700 per sq.ft. This figure decreased to Rs 469 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value rebounded significantly to Rs 700 per sq.ft in the 2023 revision, and then increased by 10% to reach Rs 770 per sq.ft in the 2024 revision.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Agaram Male

Agaram Male village has 21 streets under the Poonamallee SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 2,800 per sq.ft. The median value is Rs 770 per sq.ft, which is equal to the 2024 figure for Lakshmi Nagar.

• M.G.A Avenue: Rs 770 per sq.ft (2024)
• M.G.M Nagar: Rs 770 per sq.ft (2024)
• Murugesan Nagar: Rs 770 per sq.ft (2024)
• Pachaivarana Perumal Koil Street: Rs 550 per sq.ft (2024)
• Five Star Nagar: Rs 550 per sq.ft (2024)
• Pushpha Nagar: 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 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to 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 details, 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 Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Agaram Male. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that must be paid. This value serves as a benchmark for the transaction, ensuring that the government receives the appropriate taxes on property sales.

During the registration process, the guideline value is compared against the sale price of the property. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with the legal requirements for property transactions in the area.

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?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then to Rs 700 per sq.ft in 2023, and finally to Rs 770 per sq.ft in 2024.

What is the land classification of Lakshmi Nagar?

Lakshmi Nagar is classified as Residential Special Type - I, indicating its designation for residential purposes.

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

The Sub Registrar Office for Lakshmi Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

How is the stamp duty calculated for properties in Lakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 at a rate of 7%.