Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Sembiam village under the Sembiam SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II 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 2002, the value was Rs 341 per sq.ft, which increased to Rs 370 per sq.ft in 2003. Following this, the value rose significantly to Rs 700 per sq.ft in 2007. However, it then decreased to Rs 1,800 per sq.ft in 2012, before further increasing to Rs 1,206 per sq.ft in 2017. The most recent revision in 2023 set the value at Rs 1,800 per sq.ft, which has now increased to Rs 1,900 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 457%. The changes between the revisions include a 9% increase from 2002 to 2003, an 89% increase from 2003 to 2007, a 157% increase from 2007 to 2012, a decrease of 33% from 2012 to 2017, and a 49% increase from 2017 to 2023.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Lakshmi Nagar is below this median.

• Lakshmiamman Nagar 6th Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmiamman Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Lakshmiamman Nagar 5th Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmiamman Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Lakshmiamman Nagar 4th Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmiamman Nagar 3rd Street: Rs 4,400 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 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, resulting in a total cost of Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value and 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 Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Sembiam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the government. This value is used to calculate the applicable taxes and fees, making it an essential component of the real estate transaction process.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 341 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, reflecting an overall increase of 457% over this period.

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

For a property valued at Rs 19,00,000, the stamp duty would be Rs 1,33,000, and the registration fee would be Rs 38,000, totaling Rs 1,71,000.

Which Sub Registrar Office covers Lakshmi Nagar?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, covers Lakshmi Nagar.

What are the guideline values of other streets in Sembiam?

Other streets in Sembiam have varying guideline values, with some streets like Lakshmiamman Nagar 6th Cross Street, 5th Street, and others valued at Rs 4,400 per sq.ft in 2024.