Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Pozhichalur village under the Pammal SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I 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 the 2007 revision, the value was Rs 400 per sq.ft, which increased to Rs 804 per sq.ft in 2017, marking a 101% rise. However, from 2017 to 2023, the value further increased by 49%, reaching Rs 1,200 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 1,320 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2012 for this street. Overall, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Pozhichalur

In Pozhichalur, there are 299 streets under the Pammal SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 4,500 per sq.ft. The median value is Rs 1,320 per sq.ft, which is equal to the guideline value of Lakshmi Nagar.

• Lakshmi Nagar Main Road: Rs 1,320 per sq.ft (2024)
• Kuturavu Colony: Rs 1,100 per sq.ft (2024)
• Kurunji Street: Rs 1,100 per sq.ft (2024)
• Lingam Nagar: Rs 1,320 per sq.ft (2024)
• Kulothungan Street: Rs 1,100 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,100 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, resulting in a total of Rs 1,18,800. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, 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 Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Pozhichalur. It determines the minimum value at which a property can be registered, ensuring that the sale price is not undervalued for tax purposes.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 400 per sq.ft to Rs 1,320 per sq.ft in 2024, marking an overall increase of 230%.

What is the land classification for Lakshmi Nagar?

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

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, the total fees for a property valued at Rs 13,20,000 would be Rs 1,18,800.