Guideline Value for Lakshmi Street

Lakshmi Street guideline value

The current guideline value of Lakshmi Street in Adambakkam village, under the Alandur SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Lakshmi Street has changed

Over the years, the guideline value of Lakshmi Street has seen significant changes. The guideline value started at Rs 344 per sq.ft in 2002 and increased to Rs 650 per sq.ft in 2003, marking an increase of 89%. By 2007, it rose to Rs 900 per sq.ft, reflecting a 38% increase. The value then surged to Rs 3,500 per sq.ft in 2012, which was a substantial increase of 289%. However, it decreased to Rs 2,345 per sq.ft in 2017, representing a decline of 33%. In 2023, the value increased to Rs 3,500 per sq.ft, and as of 2024, it stands at Rs 3,900 per sq.ft, showing an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,034%. The register has no figure for revisions in years other than those listed above.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, which is equal to the current value of Lakshmi Street.

• Lasar 2nd Street: Rs 2,800 per sq.ft (2024)
• Lasar 3rd Street: Rs 2,800 per sq.ft (2024)
• Lasar 4th Street: Rs 2,800 per sq.ft (2024)
• Lasar Ist Street: Rs 2,800 per sq.ft (2024)
• Lasar Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Lasar Nagar 2nd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, while the registration fee at 2% would be Rs 78,000. Together, the total cost for stamp duty and registration fee would be Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Street?

The Sub Registrar Office that covers Lakshmi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Adambakkam. It is used to determine the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as it affects the stamp duty and registration fees applicable during the transaction.

When a property is sold, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Street?

The current guideline value of Lakshmi Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 344 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, representing an overall increase of 1,034% over the years.

What are the stamp duty and registration fees for property on Lakshmi Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 39,00,000. The stamp duty at 7% is Rs 2,73,000, and the registration fee at 2% is Rs 78,000, totaling Rs 3,51,000.

Which Sub Registrar Office covers Lakshmi Street?

The Alandur Sub Registrar Office covers Lakshmi Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification of Lakshmi Street?

Lakshmi Street is classified under Residential Class I Type - III, indicating its designation for residential use within the area.