Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 2,160 per sq.ft, 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. Starting from Rs 554 per sq.ft in 2003, it increased to Rs 1,000 per sq.ft in 2007, marking an increase of 81%. In 2012, the value rose to Rs 2,000 per sq.ft, showing a significant increase of 100%. However, in 2017, the value dropped to Rs 1,340 per sq.ft, reflecting a decrease of 33%. The latest revision in 2024 set the guideline value at Rs 2,160 per sq.ft, which is an increase of 61% from the 2017 figure. The register has no figures for the years 2023 and 2002 for this street.

Overall, from 2003 to 2024, the guideline value has increased by 290%. This reflects the various fluctuations in the real estate market and the adjustments made to the guideline values over the years.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a guideline value for 2024, ranging from Rs 2,100 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Lakshmi Nagar is below this median.

• Lakshmi Garden: Rs 2,100 per sq.ft (2024)
• Lakshmi Nagar 2nd Cross Street: Rs 2,160 per sq.ft (2024)
• Lake View Street: Rs 2,750 per sq.ft (2024)
• Lakshmi Nagar Extn.: Rs 2,160 per sq.ft (2024)
• Kuvari V.O.C. Street: Rs 2,100 per sq.ft (2024)
• Kuvari Road Cross Street: Rs 2,100 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 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty, charged at 7%, would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total charges to Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value or 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 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 information.

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

The guideline value is a crucial factor when it comes to the registration of property transactions in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 554 per sq.ft in 2003 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 290% over the years.

What are the stamp duty rates for property in Lakshmi Nagar?

The stamp duty for property in Lakshmi Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

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

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

Are there other streets with guideline values in Zaminpallavaram?

Yes, there are several other streets in Zaminpallavaram with their respective guideline values, ranging from Rs 2,100 to Rs 11,000 per sq.ft.