Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar in Nallur village, under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value of Lakshmi Nagar has seen significant changes. In 2003, the guideline value was Rs 29 per sq.ft, which increased dramatically to Rs 200 per sq.ft by 2007, marking a 590% rise. The value then experienced a 100% increase to Rs 400 per sq.ft in 2012. However, it dropped to Rs 268 per sq.ft in 2017, a decrease of 33%. By 2023, the value had risen to Rs 400 per sq.ft, and in the latest revision for 2024, it stands at Rs 440 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1417%. The register has no figure for the year 2002 for this street.

Guideline values in Nallur

Nallur village has 39 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 440 to Rs 1,650 per sq.ft, where the median value is Rs 550 per sq.ft. The guideline value for Lakshmi Nagar is below this median.

• Kesava Reddy Street: Rs 770 per sq.ft (2024)
• kannanoorammal Koil Street: Rs 770 per sq.ft (2024)
• Kannanoorammal Koil 2nd Street: Rs 770 per sq.ft (2024)
• Kannanoorammal Koil 1st Street: Rs 770 per sq.ft (2024)
• Kannanoorambakkam 3rd Cross Street: Rs 770 per sq.ft (2024)
• Kannanoorambakkam 2nd Cross Street: 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 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, and the registration fee at 2% would be Rs 8,800. Together, these charges would total Rs 39,600. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

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 Nallur

The guideline value is an essential factor when buying or selling property in Nallur. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately for taxation and legal purposes.

When a buyer approaches the registration office, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the government and the buyer are aware of the property's value during the transaction process.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 29 per sq.ft in 2003 to Rs 440 per sq.ft in 2024, reflecting an overall increase of 1417% over this period.

What are the stamp duty and registration fees for properties in Lakshmi Nagar?

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600.

Which Sub Registrar Office covers Lakshmi Nagar?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, which is crucial for calculating stamp duty and registration fees during property transactions.