Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Katrampakkam village under the Sriperumpudur SRO, is Rs 300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Lakshmi Nagar has changed

The guideline value for Lakshmi Nagar has seen several revisions over the years. The 2012 revision set the rate at Rs 300 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 201 per sq.ft. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 300 per sq.ft. The 2024 revision has maintained this value, showing no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has remained constant at Rs 300 per sq.ft.

Guideline values in Katrampakkam

In Katrampakkam, there are 41 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 250 per sq.ft. The guideline value for Lakshmi Nagar is above this median.

• Lakshmi Nagar Annex: Rs 250 per sq.ft (2024)
• Mariyamman Koil Street: Rs 300 per sq.ft (2024)
• Kanniyamman Koil 2nd Street: Rs 250 per sq.ft (2024)
• Kanniyamman Koil 1st Street: Rs 250 per sq.ft (2024)
• Mettu Street: Rs 300 per sq.ft (2024)
• M.G.R Street: Rs 150 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 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, making the total charges Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

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 information.

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

The guideline value is an essential factor during the registration of property in Katrampakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per the government regulations.

When buying or selling property, the guideline value influences the calculation of stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher value between the guideline value and the actual sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar?

The current guideline value of Lakshmi Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft since 2012, with a drop to Rs 201 per sq.ft in 2017, followed by an increase back to Rs 300 per sq.ft in 2023, which has been maintained in 2024.

What is the land classification for Lakshmi Nagar?

The land classification for Lakshmi Nagar is Residential Class II Type - I, indicating its suitability for residential development.

Where is the Sub Registrar Office for Lakshmi Nagar located?

The Sub Registrar Office for Lakshmi Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the guideline value of Rs 300 per sq.ft incurs a total of Rs 27,000 in fees.