Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Karasangal village under the Sriperumpudur SRO, is Rs 600 per sq.ft. This value is effective from the 2024 revision, which took place on 1 July 2024. The land classification for this area is Residential Special Type - II.

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 100 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2012, marking a 500% rise. However, in 2017, the value dropped to Rs 402 per sq.ft, reflecting a decrease of 33%. The value remained at Rs 600 per sq.ft in 2023 and continued unchanged into 2024, showing no percentage change between these two years.

Notably, the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 500%, highlighting the fluctuations in property valuation over the years.

Guideline values in Karasangal

In Karasangal, there are 59 streets under the Sriperumpudur SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 3,550 per sq.ft. The median value for these streets is Rs 402 per sq.ft, placing Lakshmi Nagar's 2024 figure above the median.

• Lakshmana Narayana Perumal Koil Street: Rs 250 per sq.ft (2024)
• LookMan Nagar: Rs 250 per sq.ft (2024)
• Malleeswara Koil Street: Rs 250 per sq.ft (2024)
• Manthaveli Amman Koil Street: Rs 250 per sq.ft (2024)
• M.G.R. Street: Rs 402 per sq.ft (2024)
• Modern Avenue: Rs 600 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 600 per sq.ft, the total guideline value would be Rs 6,00,000. The stamp duty at 7% would amount to Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, 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 Karasangal

The guideline value is a crucial factor in the registration process when buying or selling property in Karasangal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the transaction is documented accurately and that the appropriate taxes are collected.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen fluctuations, with significant increases and decreases over the years, such as a rise from Rs 100 in 2007 to Rs 600 in 2012, followed by a drop to Rs 402 in 2017, and remaining at Rs 600 in 2023 and 2024.

What is the land classification for Lakshmi Nagar?

The land classification for Lakshmi Nagar is Residential Special Type - II, 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 for properties in Lakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property valued at Rs 6,00,000, the stamp duty would be Rs 42,000 at a rate of 7%.