Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Palur-A village under the Chengleput Joint II SRO, is Rs 400 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - I land classification.

How the guideline value of Lakshmi Nagar has changed

In the 2017 revision, the guideline value was set at Rs 268 per sq.ft. It remained unchanged at Rs 400 per sq.ft in both the 2023 and 2024 revisions, indicating a 49% increase from 2017 to 2023, and an overall increase of 49% from 2017 to 2024. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

From 2023 to 2024, there was no change in the guideline value, maintaining the rate at Rs 400 per sq.ft. This consistency reflects the current median value of Rs 400 per sq.ft for 44 streets in Palur-A under the Chengleput Joint II SRO.

Guideline values in Palur-A

The guideline values for Palur-A range from Rs 150 to Rs 600 per sq.ft, with the median being Rs 400 per sq.ft. Lakshmi Nagar's 2024 figure aligns with this median. Below are the guideline values for other streets in Palur-A:

• Lilli Avenue: Rs 600 per sq.ft (2024)
• Lodhas Pathankeshwarar Nagar: Rs 400 per sq.ft (2024)
• M.S.R.Nagar: Rs 400 per sq.ft (2024)
• N.G.O.Nagar: Rs 600 per sq.ft (2024)
• Olive Avenue: Rs 400 per sq.ft (2024)
• Om Sai Nagar: Rs 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 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty, calculated at 7%, would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total fees to Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, 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 II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Palur-A

The guideline value plays a crucial role during the registration of property transactions in Palur-A. It serves as the basis for calculating the stamp duty and registration fees, ensuring that these costs are aligned with the officially recognized value of the property.

When buying or selling property, the guideline value is used to determine the legal and financial obligations associated with the transaction. It is essential for both buyers and sellers to be aware of these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased by 49%, from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023 and 2024. There were no figures available for the years 2002, 2003, 2007, and 2012.

What are the guideline values of other streets in Palur-A?

Other streets in Palur-A have varying guideline values ranging from Rs 150 to Rs 600 per sq.ft, with Lakshmi Nagar's value aligning with the median of Rs 400 per sq.ft.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is charged at 2%. The total fees are based on the higher of the guideline value or the sale price.

Which office handles registrations for Lakshmi Nagar?

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