Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Kovilambakkam village, is Rs 2,380 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class II Type - II.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 103 per sq.ft. This increased to Rs 128 per sq.ft in 2003, marking a 24% rise. The value continued to grow, reaching Rs 350 per sq.ft in 2007, which was a substantial increase of 173% from the previous year. The 2012 revision recorded the value at Rs 2,200 per sq.ft, representing a 529% increase from 2007. However, this value dropped by 33% to Rs 1,474 per sq.ft in 2017.

In the subsequent revisions, the guideline value rose again, reaching Rs 2,200 per sq.ft in 2023, a 49% increase from 2017. The latest revision in 2024 has set the value at Rs 2,380 per sq.ft, reflecting an 8% increase from the previous year. There are no figures available for the guideline value of Lakshmi Nagar in the years not specified in the register.

Guideline values in Kovilambakkam

Kovilambakkam village has 61 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Lakshmi Nagar's value below this median.

• Kurunji Nagar 1 To 6 Main Road: Rs 2,160 per sq.ft (2024)
• Kurinji Nagar: Rs 2,160 per sq.ft (2024)
• Maangali Amman Koil Road: Rs 4,400 per sq.ft (2024)
• Kulathur 1 to 14 Streets: Rs 2,160 per sq.ft (2024)
• Madipakkam Main Road: Rs 4,070 per sq.ft (2024)
• Kulakarai Street: Rs 2,160 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 2,380 per sq.ft, the total guideline value would be Rs 23,80,000. The stamp duty at 7% would amount to Rs 1,66,600, and the registration fee at 2% would be Rs 47,600, bringing the total cost for these fees to Rs 2,14,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the 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 Kovilambakkam

The guideline value is an essential factor when registering a property in Kovilambakkam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

When a property is sold, the guideline value serves as a benchmark for determining the sale price. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price instead. Therefore, understanding the guideline value is crucial for both buyers and sellers in Kovilambakkam.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 2,380 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 103 in 2002 to Rs 2,380 in 2024, showing an overall increase of 2211% over the years.

What is the registration office for Lakshmi Nagar?

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

How is stamp duty calculated in Lakshmi Nagar?

Stamp duty in Lakshmi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is an additional 2% of the guideline value.

What are the guideline values of other streets in Kovilambakkam?

Other streets in Kovilambakkam have varying guideline values, ranging from Rs 1,320 to Rs 5,610 per sq.ft, with the median being Rs 2,750 per sq.ft.