Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Irunkattukottai village, is Rs 500 per sq.ft, effective from 1 July 2024. This area falls under the Sriperumpudur SRO and is classified as Residential Class II 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 guideline value was Rs 50 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012, marking a substantial rise of 900%. However, in 2017, the value adjusted to Rs 335 per sq.ft, a decrease of 33%. The next revision in 2023 brought the value back to Rs 500 per sq.ft, which remained unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 900%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Irunkattukottai

In Irunkattukottai, there are 56 streets under the Sriperumpudur SRO that carry a guideline value for 2024, with values ranging from Rs 250 to Rs 1,250 per sq.ft. The median guideline value for these streets is Rs 400 per sq.ft, placing Lakshmi Nagar's 2024 figure above this median.

• Madhavan Nagar: Rs 400 per sq.ft (2024)
• Marvel Shire Nagar: Rs 800 per sq.ft (2024)
• Mecca Nagar: Rs 600 per sq.ft (2024)
• Meenakshi Amman Nagar: Rs 600 per sq.ft (2024)
• Kandasala Nagar: Rs 500 per sq.ft (2024)
• M.G.R.Street: Rs 250 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 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. It is important to note that 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 Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Irunkattukottai. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these charges are based on a standardized value rather than fluctuating market prices.

When buying or selling property, the guideline value helps in determining the official value of the property for registration purposes. This ensures transparency and fairness in the transaction process, as it is uniformly applied across similar properties in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and returned to Rs 500 per sq.ft in 2023 and 2024.

What is the land classification of Lakshmi Nagar?

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

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

The Sub Registrar Office for Lakshmi Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated in Lakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 5,00,000, leading to a stamp duty of Rs 35,000.