Guideline Value for Lakshmi nagar 1st Street

Lakshmi nagar 1st Street guideline value

The current guideline value of Lakshmi nagar 1st Street is Rs 3,900 per sq.ft. This street is located in Adambakkam village, under the jurisdiction of the Alandur SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Lakshmi nagar 1st Street has changed

The guideline value for Lakshmi nagar 1st Street has seen several revisions over the years. In 2002, the value was Rs 330 per sq.ft, which increased to Rs 650 per sq.ft in 2003, marking a change of +97%. By 2007, the value rose significantly to Rs 900 per sq.ft, reflecting an increase of +38%. The 2012 revision saw the value double to Rs 3,500 per sq.ft, resulting in a substantial increase of +289%. However, in 2017, the value dropped to Rs 2,345 per sq.ft, a decrease of -33%. The guideline value then increased to Rs 3,500 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 3,900 per sq.ft, an increase of +11%.

Overall, from 2002 to 2024, the guideline value has increased by +1082%. There are no figures available for the years not listed in the register for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which matches the current guideline value for Lakshmi nagar 1st Street.

• Lakshmi Nagar 1st Lane: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Lakshmi Lane: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar lane: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 3,900 per sq.ft (2024)
• Lakshmi Nagar Main Road Cross Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty, charged at 7%, would amount to Rs 2,73,000, while the registration fee at 2% would be Rs 78,000. Together, the total cost for stamp duty and registration 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.

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

Which Sub Registrar Office covers Lakshmi nagar 1st Street?

The Sub Registrar Office that covers Lakshmi nagar 1st 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 is a crucial factor in the registration of property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the sale process.

When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and reflects the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of Lakshmi nagar 1st Street?

The current guideline value of Lakshmi nagar 1st 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 significantly over the years, starting from Rs 330 per sq.ft in 2002 and reaching Rs 3,900 per sq.ft in 2024, which represents an overall increase of +1082%.

What is the land classification for Lakshmi nagar 1st Street?

The land classification for Lakshmi nagar 1st Street is Residential Class I Type - III, indicating its designation for residential use.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which office handles property registrations for Lakshmi nagar 1st Street?

The Alandur Sub Registrar Office handles property registrations for Lakshmi nagar 1st Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.