Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Selaiyur village under the Selaiyur SRO, is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special 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 value was Rs 450 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012. However, it then dropped to Rs 1,809 per sq.ft in 2017. The 2023 revision set the value at Rs 2,700 per sq.ft, and as of the latest revision in 2024, it has risen to Rs 2,900 per sq.ft.

From 2017 to 2023, there was a notable increase of 49%, followed by a 7% rise from 2023 to 2024. Overall, the guideline value has increased by 544% from 2007 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Lakshmi Nagar's 2024 figure above that median.

• Lakshmi Avenue: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar Ext: Rs 3,750 per sq.ft (2024)
• Lake-Bound Street: Rs 950 per sq.ft (2024)
• K.V.N. Nagar: Rs 1,300 per sq.ft (2024)
• Lalbagadur Sastri Street: Rs 950 per sq.ft (2024)
• Leela Colony: Rs 2,900 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 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total cost for these fees to Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value and 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 Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Selaiyur

The guideline value is a crucial factor in property transactions in Selaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers should be aware that the guideline value influences the stamp duty and registration fees applicable during the transaction.

When registering a property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 450 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, marking an overall increase of 544% over this period.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar is classified as Residential Special Type - I, which indicates its intended use for residential purposes.

What are the registration fees for property in Lakshmi Nagar?

The registration fees for property in Lakshmi Nagar include a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Lakshmi Nagar located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.