Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Allappakkam village under the Chengleput Joint I SRO, is Rs 1,102 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value for Lakshmi Nagar has seen several revisions. The 2012 revision set the value at Rs 1,100 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 737 per sq.ft. This was followed by a significant increase to Rs 1,100 per sq.ft in 2023, and finally, the current value of Rs 1,102 per sq.ft in 2024, indicating no change from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, the guideline value increased by 49%. The overall change from 2012 to 2024 shows no net change, as the value in 2012 was Rs 1,100 per sq.ft, and the current value is Rs 1,102 per sq.ft.

Guideline values in Allappakkam

In Allappakkam, there are 51 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 600 to Rs 2,000 per sq.ft. The median value is Rs 1,102 per sq.ft, which matches the guideline value of Lakshmi Nagar.

• Kurinji Nagar: Rs 902 per sq.ft (2024)
• Malai Street: Rs 800 per sq.ft (2024)
• Kengu Nagar: Rs 600 per sq.ft (2024)
• Mathina Nagar: Rs 1,102 per sq.ft (2024)
• Mount N Clave @ Vidyarthi Nagar: Rs 902 per sq.ft (2024)
• Nsk Nagar I II III IV: Rs 902 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 1,102 per sq.ft, the total guideline value amounts to Rs 11,02,000. The stamp duty is charged at 7%, which totals Rs 77,140, and the registration fee is 2%, amounting to Rs 22,040. Together, the fees come to Rs 99,180. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmi Nagar?

The Sub Registrar Office that covers Lakshmi Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Allappakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has fluctuated, dropping from Rs 1,100 per sq.ft in 2012 to Rs 737 per sq.ft in 2017, then rising to Rs 1,100 per sq.ft in 2023, and finally reaching Rs 1,102 per sq.ft in 2024.

What is the land classification for Lakshmi Nagar?

The land classification for Lakshmi Nagar is Residential Special Type - III, indicating its suitability for residential purposes.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a plot of 1,000 sq.ft at the current guideline value, the total fees amount to Rs 99,180.

Which office handles property registration for Lakshmi Nagar?

The Chengleput Joint I Sub Registrar Office is responsible for property registration in Lakshmi Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.