Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value for Lakshmi Nagar, located in Kunnam village under the Sunguvarchattram SRO, is Rs 200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value for Lakshmi Nagar has experienced several revisions. In 2012, the guideline value was Rs 250 per sq.ft, which decreased to Rs 167 per sq.ft in 2017, marking a decline of 33%. The value remained at Rs 200 per sq.ft during the 2023 revision and has not changed in the 2024 revision, reflecting a 0% change from the previous year.

From 2017 to 2023, there was an increase of 20%, bringing the value back to Rs 200 per sq.ft. Overall, comparing the figures from 2012 to 2024, there has been a decrease of 20% in the guideline value for Lakshmi Nagar.

Guideline values in Kunnam

Kunnam village has 18 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 181 to Rs 660 per sq.ft, with the median value being Rs 200 per sq.ft. The guideline value for Lakshmi Nagar is equal to this median.

• Lakshmi nagar Extension: Rs 200 per sq.ft (2024)
• Manikandan Nagar: Rs 181 per sq.ft (2024)
• Kizhandai Street: Rs 200 per sq.ft (2024)
• Mettu Street: Rs 181 per sq.ft (2024)
• Nadu Street: Rs 181 per sq.ft (2024)
• New Colony: Rs 181 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 200 per sq.ft, the total guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, making the total fees Rs 18,000. Duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmi Nagar?

The Sub Registrar Office that covers Lakshmi Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process for property transactions in Kunnam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that transactions are recorded at a standardized value.

When buying or selling property, the guideline value helps determine the official value of the property for tax purposes. This value is used by the registration office to assess the applicable fees, which are calculated based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value for Lakshmi Nagar?

The current guideline value for Lakshmi Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2012 to Rs 167 per sq.ft in 2017, then remained at Rs 200 per sq.ft in both 2023 and 2024.

What is the land classification for Lakshmi Nagar?

Lakshmi Nagar falls under the Residential Class I Type - I land classification.

What are the stamp duty and registration fees for properties in Lakshmi Nagar?

For a property valued at Rs 2,00,000, the stamp duty would be Rs 14,000, and the registration fee would be Rs 4,000, totaling Rs 18,000.

Where is the Sub Registrar Office for Lakshmi Nagar located?

The Sub Registrar Office for Lakshmi Nagar is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, in the Chengalpattu registration zone.