Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Hastinapuram village under the Pallavaram SRO, is Rs 1,650 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 400 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, it then decreased to Rs 1,005 per sq.ft in 2017. The latest revisions show an increase to Rs 1,500 per sq.ft in 2023, and further to Rs 1,650 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 313%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft, with a median value of Rs 2,970 per sq.ft. The guideline value for Lakshmi Nagar is below this median.

• Lake view Street: Rs 1,650 per sq.ft (2024)
• Kuppu Naickenpettai: Rs 3,850 per sq.ft (2024)
• Kumaran Kundram Main Road: Rs 1,650 per sq.ft (2024)
• Mahadevan Street: Rs 2,970 per sq.ft (2024)
• Krishna Nagar Manickam Street: Rs 3,300 per sq.ft (2024)
• Mahalakshmi Street: Rs 1,650 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our 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 Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Hastinapuram

The guideline value is a crucial factor in the registration process of property transactions in Hastinapuram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value as it affects the overall cost of the transaction. Buyers should ensure that they are aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking a total increase of 313% over the years.

What is the median guideline value in Hastinapuram?

The median guideline value in Hastinapuram is Rs 2,970 per sq.ft, while Lakshmi Nagar's value is below this median.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles the registration for Lakshmi Nagar?

The Pallavaram Sub Registrar Office handles the registration for Lakshmi Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.