Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Madavilagam village under the Poonamallee SRO, is Rs 1,100 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

Looking back at the revisions, the guideline value for Lakshmi Nagar was Rs 1,000 per sq.ft in 2023, which increased to Rs 1,100 per sq.ft in 2024, marking a change of +10%. Prior to that, in 2017, the value was Rs 670 per sq.ft, which had risen by +49% to reach Rs 1,000 per sq.ft in 2023. The 2012 revision also registered a value of Rs 1,000 per sq.ft, but this was a decrease of -33% from Rs 670 per sq.ft in 2017. Overall, from 2012 to 2024, the guideline value has seen a +10% increase.

The register has no figures for the years 2002, 2003, and 2007 for this street. The last recorded revision before 2012 was in 2007, where no figure is available.

Guideline values in Madavilagam

In Madavilagam, there are 37 streets under the Poonamallee SRO that carry a 2024 guideline value, ranging from Rs 660 to Rs 2,200 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, which is equal to the current guideline value of Lakshmi Nagar.

• Kundumedu Kundumedu colony 37,59,46: Rs 1,100 per sq.ft (2024)
• Madavilagam arijana colony 108: Rs 660 per sq.ft (2024)
• Madavilagam arijana colony 108/1: Rs 660 per sq.ft (2024)
• Madavilagam arijana colony 108/3: Rs 660 per sq.ft (2024)
• Madavilagam arijana colony 108/4: Rs 660 per sq.ft (2024)
• Madavilagam arijanna colony 108/2: Rs 660 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 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty, charged at 7%, would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000. Together, the total cost for these fees would be Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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 covering Lakshmi Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. For further assistance, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Madavilagam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and transparently.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that all parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent increase from Rs 1,000 per sq.ft in 2023 to Rs 1,100 per sq.ft in 2024. Notably, it increased by +49% from Rs 670 per sq.ft in 2017 to Rs 1,000 per sq.ft in 2023.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar falls under the Residential Class I Type - I land classification, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, on a 1,000 sq.ft plot, the total fees would amount to Rs 99,000.

Which office handles registrations for Lakshmi Nagar?

The Poonamallee Sub Registrar Office is responsible for handling registrations in Lakshmi Nagar. Its address is No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.