Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Chitlapakkam village under the Tambaram Joint 1 SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special 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 2012 revision set the value at Rs 4,000 per sq.ft, which was then reduced to Rs 2,680 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value back to Rs 4,000 per sq.ft, and the most recent 2024 revision has set it at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in the village is Rs 1,650 per sq.ft, making the current value of Lakshmi Nagar above this median.

• Lakshmi Nagar 1st Main Road: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 2nd Main Road ext: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar 3rd Main Road: Rs 4,400 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our 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 Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, within the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process of property transactions in Chitlapakkam. It is used to determine the stamp duty and registration fees that must be paid, ensuring that the transaction is officially recorded with the appropriate authorities.

When buying or selling property, the guideline value serves as a reference point for the official value of the property. This ensures transparency and helps in the assessment of taxes related to the transaction.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then back to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for Lakshmi Nagar?

The land classification for Lakshmi Nagar is Residential Special Type - I.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Lakshmi Nagar?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Lakshmi Nagar, located at No.26, Mes Road, East Tambaram, Chennai-600059.