Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Nanmangalam village under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Mixed 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 value was Rs 55 per sq.ft, which increased to Rs 77 per sq.ft in 2003, marking a 40% rise. The value further surged to Rs 1,065 per sq.ft in 2007, representing an increase of 1,283%. However, it then decreased to Rs 3,000 per sq.ft in 2012, a decline of 33% from the previous revision.

From 2012 to 2017, the guideline value increased to Rs 2,010 per sq.ft, and then it rose significantly to Rs 3,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 has set the value at Rs 3,300 per sq.ft, a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 5,900%.

Guideline values in Nanmangalam

Nanmangalam village has 139 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Lakshmi Nagar above this median.

• Kumar Avenue: Rs 2,750 per sq.ft (2024)
• Loganathan Street: Rs 2,750 per sq.ft (2024)
• Krishna Nagar: Rs 2,750 per sq.ft (2024)
• Kowsalya Nagar: Rs 1,980 per sq.ft (2024)
• Kovalan Street: Rs 1,960 per sq.ft (2024)
• Mangambal Nagar: Rs 1,960 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

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, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Nanmangalam. It is used to determine the stamp duty and registration fees, which are mandatory costs that need to be paid during the transfer of property ownership.

When buying or selling property, the guideline value is considered to ensure that the transaction is recorded accurately. It helps in establishing a fair basis for calculating the necessary fees associated with the property registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 55 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 5,900% over the period.

What is the median guideline value in Nanmangalam?

The median guideline value for the streets in Nanmangalam is Rs 2,750 per sq.ft, with Lakshmi Nagar's value being above this median.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Lakshmi Nagar located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.