Guideline Value for Lakshmi Nagar

Lakshmi Nagar guideline value

The current guideline value of Lakshmi Nagar, located in Katrampakkam B village under the Sriperumpudur SRO, is Rs 300 per sq.ft. This value is effective from the 2024 revision, which will be implemented on 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 2017 revision set the value at Rs 201 per sq.ft, which remained unchanged in the 2023 revision, also at Rs 300 per sq.ft. With the upcoming 2024 revision, the guideline value will again be Rs 300 per sq.ft, reflecting no change from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

In terms of percentage changes, there has been a 49% increase from the 2017 revision to the 2023 revision, and overall, the guideline value has increased by 49% from 2017 to 2024. This indicates a significant rise in the value since the last recorded figure in 2017.

Guideline values in Katrampakkam B

In Katrampakkam B, there are 44 streets under the Sriperumpudur SRO that carry a guideline value for 2024, ranging from Rs 150 to Rs 800 per sq.ft. The median guideline value for these streets is Rs 275 per sq.ft, placing Lakshmi Nagar's 2024 figure 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 would be Rs 3,00,000. The stamp duty at 7% would amount to Rs 21,000, while the registration fee at 2% would be Rs 6,000. Together, these fees would total Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on fees, 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 Katrampakkam B

The guideline value is a critical factor in property transactions in Katrampakkam B, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

Additionally, the guideline value serves as a reference point for both buyers and sellers, providing a clear understanding of property values in the area. It is essential for all parties involved in a transaction to be aware of the current guideline value to ensure compliance with registration requirements.

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 from 2023 to 2024, and increased by 49% from Rs 201 per sq.ft in 2017 to Rs 300 per sq.ft in 2023.

What is the median guideline value in Katrampakkam B?

The median guideline value for the 44 streets in Katrampakkam B is Rs 275 per sq.ft, with Lakshmi Nagar's value being above this median.

What are the registration fees for property in Lakshmi Nagar?

The registration fees include a stamp duty of 7% and a registration fee of 2% on the guideline value or sale price, whichever is higher.

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.