Guideline Value for Lakshmi Narasimhan Street

Lakshmi Narasimhan Street guideline value

The current guideline value of Lakshmi Narasimhan Street is Rs 1,100 per sq.ft. This street is located in Peerklankaranai village, under the Tambaram Joint 1 SRO, and is classified as Residential Class II Type - I.

How the guideline value of Lakshmi Narasimhan Street has changed

The guideline value for Lakshmi Narasimhan Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was followed by a decrease to Rs 670 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 1,000 per sq.ft in the 2023 revision, and further rose to the current rate of Rs 1,100 per sq.ft effective from 1 July 2024. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

To summarize the changes: from 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023. The increase from 2023 to 2024 is 10%, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Peerklankaranai

In Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO that have a 2024 guideline value ranging from Rs 880 to Rs 4,400 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value of Lakshmi Narasimhan Street is below this median.

• Lakshmi ST: Rs 2,200 per sq.ft (2024)
• Lakshmi st extn: Rs 1,100 per sq.ft (2024)
• Lakshmi cross st: Rs 1,100 per sq.ft (2024)
• Logavani Street: Rs 1,100 per sq.ft (2024)
• Kurinji Street: Rs 1,320 per sq.ft (2024)
• Kurinji Nagar Cross Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Narasimhan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total cost Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Narasimhan Street?

The Sub Registrar Office that covers Lakshmi Narasimhan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Peerklankaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Narasimhan Street?

The current guideline value of Lakshmi Narasimhan Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Lakshmi Narasimhan Street?

Lakshmi Narasimhan Street is classified as Residential Class II Type - I. This classification indicates the type of development permissible in the area.

What are the other streets with guideline values in Peerklankaranai?

Other streets in Peerklankaranai include Lakshmi ST at Rs 2,200 per sq.ft, Lakshmi st extn at Rs 1,100 per sq.ft, and Logavani Street at Rs 1,100 per sq.ft, among others.

Where is the Sub Registrar Office for Lakshmi Narasimhan Street located?

The Sub Registrar Office for Lakshmi Narasimhan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059.