Guideline Value for Lakshmi Street Block 61

Lakshmi Street Block 61 guideline value

The current guideline value of Lakshmi Street Block 61 is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class III Type - I.

How the guideline value of Lakshmi Street Block 61 has changed

The guideline value for Lakshmi Street Block 61 has undergone several revisions since 2007. In 2007, the guideline value was Rs 1,460 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in the 2012 revision, marking a change of 242%. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft, reflecting a 10% increase from the 2012 figure. The overall change from 2007 to 2024 is an increase of 277%.

There are no registered figures for the years 2002, 2003, 2017, and 2023 for this street.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, making the guideline value of Lakshmi Street Block 61 above this median.

• Lal Bagadur Sasthri Street: Rs 3,300 per sq.ft (2024)
• Lambard Nagar: Rs 2,200 per sq.ft (2024)
• LIC Colony: Rs 7,000 per sq.ft (2024)
• LIC Oozliyar, Kudiyiruppu: Rs 7,000 per sq.ft (2024)
• Lord Mount Pattern Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Ammal Street Block 80: Rs 4,100 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Street Block 61

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total fees together Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Street Block 61?

The Sub Registrar Office that covers Lakshmi Street Block 61 is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

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

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Street Block 61?

The current guideline value of Lakshmi Street Block 61 is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,460 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, which is an overall increase of 277% over this period.

What is the land classification for Lakshmi Street Block 61?

Lakshmi Street Block 61 is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for this property?

The Sub Registrar Office covering Lakshmi Street Block 61 is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Kodambakkam?

Stamp duty is calculated based on the higher of the guideline value or the actual sale price of the property. For example, for a property valued at Rs 55,00,000, the stamp duty would be calculated at 7% of this amount.