Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Chendrampakkam village under the Redhills SRO, is Rs 385 per sq.ft effective from 1 July 2024. This area 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. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 350 per sq.ft in 2012. However, it dropped to Rs 234 per sq.ft in 2017. The value then rose significantly to Rs 350 per sq.ft in 2023, and further increased to Rs 385 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the increase was 50%. The value saw a decrease of 33% from 2012 to 2017, and a 17% increase from 2007 to 2012. Overall, from 2007 to 2024, the guideline value has increased by 28%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chendrampakkam

In Chendrampakkam, there are 13 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 165 to Rs 385 per sq.ft, with a median value of Rs 275 per sq.ft. The guideline value of Lakshmi Nagar is above this median.

• M.G. Nagar: Rs 385 per sq.ft (2024)
• Kamarajar Nagar: Rs 165 per sq.ft (2024)
• Kamala Nagar: Rs 385 per sq.ft (2024)
• Pathmavathi Nagar: Rs 385 per sq.ft (2024)
• Raj Nagar: Rs 385 per sq.ft (2024)
• R.V. Krishnan Chettiyar Nagar: Rs 275 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 385 per sq.ft, the total guideline value would be Rs 3,85,000. The stamp duty at 7% would amount to Rs 26,950, and the registration fee at 2% would be Rs 7,700, making the total fees together Rs 34,650. Duty is charged on the higher of the guideline value or the sale price. You can 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 Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Chendrampakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements 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 385 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 385 per sq.ft in 2024, with various revisions in between, including a drop to Rs 234 per sq.ft in 2017.

What is the median guideline value in Chendrampakkam?

The median guideline value in Chendrampakkam is Rs 275 per sq.ft, with Lakshmi Nagar's value being above this median.

What are the stamp duty rates for property transactions?

The stamp duty rate for property transactions is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

The Redhills Sub Registrar Office covers Lakshmi Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.