Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Kolathur village under the Sriperumpudur SRO, is Rs 250 per sq.ft. This value is effective from 1 July 2024 and is classified as Residential Class I Type - I.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value of Lakshmi Nagar has seen several revisions. The earliest recorded revision is from 2012, which set the value at Rs 250 per sq.ft. In 2017, the value decreased to Rs 167 per sq.ft, marking a reduction of 33%. However, by 2023, the value had increased by 50% to Rs 250 per sq.ft, where it remained unchanged in the 2024 revision.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Thus, the guideline value has remained at Rs 250 per sq.ft since the 2024 revision, with an overall change of 0% from the 2012 revision to the current value.

Guideline values in Kolathur

In Kolathur, there are 45 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 1,300 per sq.ft, with a median value of Rs 250 per sq.ft. The guideline value of Lakshmi Nagar aligns with this median.

• Laskhmi Land: Rs 250 per sq.ft (2024)
• Main Road: Rs 600 per sq.ft (2024)
• M.G.R Main Road: Rs 200 per sq.ft (2024)
• M.G.R Street: Rs 200 per sq.ft (2024)
• Kamaraj Nagar: Rs 300 per sq.ft (2024)
• Ideal Forms: Rs 200 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 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty at 7% would be Rs 17,500, and the registration fee at 2% would be Rs 5,000, bringing the total fees together to Rs 22,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 Kolathur

The guideline value is a crucial factor in the registration process for property transactions in Kolathur. It serves as the basis for calculating stamp duty and registration fees, ensuring that both buyers and sellers adhere to the legal requirements set by the state.

When purchasing property, the guideline value helps determine the minimum price at which a property can be registered. This ensures transparency and fairness in property transactions, safeguarding the interests of all parties involved.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent change being from Rs 250 per sq.ft in 2023 to Rs 250 per sq.ft in 2024. The value was Rs 167 per sq.ft in 2017 and Rs 250 per sq.ft in 2012.

What is the land classification for Lakshmi Nagar?

The land classification for Lakshmi Nagar is Residential Class I Type - I. This classification is important for understanding the type of development that can take place in the area.

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 guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 17,500.