Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Melamaiyur village under the Chengleput Joint I SRO, is Rs 1,212 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - I.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 333 per sq.ft, which increased significantly to Rs 1,100 per sq.ft in 2012, marking a 230% rise. However, the value dropped to Rs 737 per sq.ft in the 2017 revision, a decrease of 33%. The 2023 revision then saw a substantial increase to Rs 1,100 per sq.ft, followed by a further rise to Rs 1,212 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the current 2024 figure, the guideline value has risen by 264%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Melamaiyur

In Melamaiyur, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 3,000 per sq.ft, with the median value being Rs 1,212 per sq.ft. The guideline value for Lakshmi Nagar matches this median figure.

• Lake Avenue: Rs 1,322 per sq.ft (2024)
• K.K.Nagar: Rs 825 per sq.ft (2024)
• Manickam Nagar: Rs 825 per sq.ft (2024)
• Manogari Avenue: Rs 1,650 per sq.ft (2024)
• Kanthavelu Nagar: Rs 1,322 per sq.ft (2024)
• Kannan Nagar: Rs 990 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 1,212 per sq.ft, the total guideline value would be Rs 12,12,000. The stamp duty at 7% would amount to Rs 84,840, and the registration fee at 2% would be Rs 24,240, bringing the total to Rs 1,09,080. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar?

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

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

The guideline value is a crucial factor during the registration process when buying or selling property in Melamaiyur. It is used to determine the stamp duty and registration fees that need to be paid, ensuring compliance with local regulations.

When a property is sold, the guideline value serves as a benchmark for the transaction, and the fees are calculated based on this value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,212 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 333 per sq.ft in 2007 to Rs 1,212 per sq.ft in 2024, which is an overall increase of 264%.

What is the land classification of Lakshmi Nagar?

The land classification for Lakshmi Nagar is Mixed Type - I, indicating a diverse use of land in the area.

Where is the Sub Registrar Office for Lakshmi Nagar located?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 1,09,080.