Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Mannivakkam village under the Gooduvancheri SRO, is Rs 990 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value for Lakshmi Nagar has seen several revisions. The 2007 revision set the guideline value at Rs 250 per sq.ft. It then increased significantly to Rs 900 per sq.ft in 2012, marking a 260% rise. However, from 2012 to 2017, the value dropped to Rs 603 per sq.ft, reflecting a decrease of 33%. The 2017 revision brought the value back up to Rs 900 per sq.ft in 2023, a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 990 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for Lakshmi Nagar for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 296%.

Guideline values in Mannivakkam

In Mannivakkam, there are 118 streets under the Gooduvancheri SRO that have a 2024 guideline value ranging from Rs 330 to Rs 4,300 per sq.ft, with a median value of Rs 1,215 per sq.ft. The guideline value for Lakshmi Nagar is below this median.

• Loganathan Nagar: Rs 1,100 per sq.ft (2024)
• Kumaran Nagar: Rs 990 per sq.ft (2024)
• Kulakarai Street: Rs 990 per sq.ft (2024)
• Krishnavijayam Nagar: Rs 990 per sq.ft (2024)
• Malles Fortune Earth: Rs 4,110 per sq.ft (2024)
• K.K 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 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty is charged at 7%, which totals Rs 69,300, and the registration fee is 2%, amounting to Rs 19,800. The total cost for stamp duty and registration fees together is Rs 89,100. 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 that covers Lakshmi Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Mannivakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is the minimum value set by the government for property transactions and is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process. This value helps in establishing a baseline for property transactions, ensuring transparency and fairness in the real estate market.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, reflecting an overall increase of 296% over the years.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar is classified as Residential Special Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Lakshmi Nagar?

The Sub Registrar Office for Lakshmi Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in Lakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 9,90,000, the stamp duty would be Rs 69,300 at a rate of 7%.