Guideline Value for Lakshmi nagar Extension

Lakshmi nagar Extension guideline value

The current guideline value of Lakshmi nagar Extension is Rs 200 per sq.ft, effective from 1 July 2024. This area is located in Kunnam village under the Sunguvarchattram SRO and is classified as Residential Class I Type - I.

How the guideline value of Lakshmi nagar Extension has changed

Over the years, the guideline value for Lakshmi nagar Extension has seen several revisions. The 2012 revision set the value at Rs 250 per sq.ft, which was then reduced to Rs 167 per sq.ft in the 2017 revision, reflecting a decrease of 33%. The 2023 revision maintained the value at Rs 200 per sq.ft, and this figure remained unchanged in the 2024 revision, resulting in a 0% change between these two years.

From the 2017 to 2023 revision, there was a 20% increase, bringing the value back to Rs 200 per sq.ft. Overall, from the 2012 revision to the 2024 revision, the guideline value has decreased by 20%.

Guideline values in Kunnam

In Kunnam, there are 18 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 181 to Rs 660 per sq.ft. The median value among these streets is Rs 200 per sq.ft, which is equal to the current guideline value for Lakshmi nagar Extension.

• Lakshmi Nagar: Rs 200 per sq.ft (2024)
• Manikandan Nagar: Rs 181 per sq.ft (2024)
• Kizhandai Street: Rs 200 per sq.ft (2024)
• Mettu Street: Rs 181 per sq.ft (2024)
• Nadu Street: Rs 181 per sq.ft (2024)
• New Colony: Rs 181 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi nagar Extension

For a 1,000 sq.ft plot at the current rate of Rs 200 per sq.ft, the guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total to Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi nagar Extension?

The Sub Registrar Office covering Lakshmi nagar Extension is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kunnam. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi nagar Extension?

The current guideline value of Lakshmi nagar Extension is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent changes being a decrease from Rs 250 per sq.ft in 2012 to Rs 200 per sq.ft in 2024, reflecting an overall decrease of 20% over this period.

What is the role of the guideline value in property transactions?

The guideline value is used to calculate stamp duty and registration fees during property transactions. It is compared to the sale price, and the higher amount is used to determine the applicable duties.

Where can I find the Sub Registrar Office for Lakshmi nagar Extension?

The Sub Registrar Office for Lakshmi nagar Extension is located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone.

What are the stamp duty and registration fees for a property in Lakshmi nagar Extension?

For a property valued at Rs 2,00,000, the stamp duty would be Rs 14,000 at 7%, and the registration fee would be Rs 4,000 at 2%, totaling Rs 18,000 for the transaction.