Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar is Rs 448 per sq.ft, effective from 1 July 2024. This area is located in Vattampakkam village under the Sunguvarchattram SRO and is classified as Residential Special Type - II.

How the guideline value of Lakshmi Nagar has changed

Over the years, the guideline value of Lakshmi Nagar has seen several revisions. The 2007 revision set the value at Rs 60 per sq.ft, which increased to Rs 300 per sq.ft in both the 2012 and 2017 revisions. The 2017 to 2023 period maintained the value at Rs 448 per sq.ft, showing a significant increase of 49% from Rs 300 per sq.ft in 2017. The current value remains unchanged from the 2023 revision.

Notably, there are no figures available for the years 2002 and 2003 in the register for this street. The overall change from the 2007 revision to the current 2024 revision reflects a substantial increase of 647%, with the guideline value rising to Rs 448 per sq.ft.

Guideline values in Vattampakkam

In Vattampakkam, there are 33 streets under the Sunguvarchattram SRO, with guideline values ranging from Rs 200 to Rs 1,790 per sq.ft. The median value for these streets is Rs 250 per sq.ft, placing Lakshmi Nagar's 2024 figure above that median.

• Main Road: Rs 250 per sq.ft (2024)
• Keerthika Avenue: Rs 448 per sq.ft (2024)
• M.G.R Street (colony): Rs 200 per sq.ft (2024)
• Mother Land: Rs 250 per sq.ft (2024)
• Kalaizhnar Street (colony): Rs 200 per sq.ft (2024)
• MuthuMariamman Kovil Street (colony): 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 448 per sq.ft, the total guideline value amounts to Rs 4,48,000. The stamp duty at 7% would be Rs 31,360, while the registration fee at 2% would be Rs 8,960, bringing the total cost for these fees to Rs 40,320. It is important to note that the stamp 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 Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone.

You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Vattampakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When buying or selling property, the guideline value is used to assess the official value of the property, ensuring that the appropriate taxes are calculated based on this value. It is essential for both buyers and sellers to understand how this value impacts their financial obligations during a transaction.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 448 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 60 per sq.ft in 2007 to Rs 448 per sq.ft in 2024, representing an overall increase of 647% over the years.

What is the land classification of Lakshmi Nagar?

Lakshmi Nagar is classified as 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 Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, 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, a property valued at Rs 4,48,000 incurs a stamp duty of Rs 31,360 at 7%.