Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Velachery village under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - III land classification.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen significant changes over the years. In 2002, the value was Rs 154 per sq.ft, which increased dramatically to Rs 1,500 per sq.ft in 2007, marking an increase of 874%. Following this, the value rose to Rs 3,500 per sq.ft in 2012, an increase of 133%. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, representing a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, reflecting a substantial increase of 64% from the 2017 figure.

It is important to note that there are no figures available for the years 2003 and 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 2400%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Lakshmi Nagar is below this median.

• Lakshmi Nagar 100ft Road Velachery: Rs 13,200 per sq.ft (2024)
• Lakshmi Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 1st Extn: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Lakshmi Hygrieva Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Hygrieva Nagar 6th Main Road: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost together to Rs 3,46,500. 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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value for Lakshmi Nagar?

The current guideline value for Lakshmi Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Lakshmi Nagar has increased from Rs 154 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting a total increase of 2400% over the years.

What are the stamp duty rates for property transactions in Lakshmi Nagar?

The stamp duty for property transactions in Lakshmi Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office is responsible for Lakshmi Nagar?

The Velacheri Sub Registrar Office is responsible for Lakshmi Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar falls under the Residential Class II Type - III land classification according to the local regulations.