Guideline Value for Lakshmi nagar

Lakshmi nagar guideline value

The current guideline value for Lakshmi Nagar, located in Udaiyavarkoil village under the Poonamallee SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Lakshmi nagar has changed

Over the years, the guideline value of Lakshmi Nagar has seen several revisions. The earliest recorded figure is from 2003, which was Rs 54 per sq.ft. This figure increased to Rs 100 per sq.ft in 2007, followed by a significant jump to Rs 500 per sq.ft in 2012. However, it dropped to Rs 335 per sq.ft in 2017. The guideline value then rose to Rs 500 per sq.ft in 2023, and most recently, it has increased to Rs 550 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. The jump from 2007 to 2012 was remarkable at 400%, while the increase from 2003 to 2007 was 85%. Overall, from 2003 to 2024, the guideline value has surged by 919%. The register has no figure for the year 2002 for this street.

Guideline values in Udaiyavarkoil

In Udaiyavarkoil, there are 35 streets under the Poonamallee SRO that have a 2024 guideline value ranging from Rs 440 to Rs 3,400 per sq.ft. The median value is Rs 550 per sq.ft, which is equal to the current guideline value for Lakshmi Nagar.

• Ms Nagar: Rs 825 per sq.ft (2024)
• Mudthal board school varai: Rs 990 per sq.ft (2024)
• Nedunsalai: Rs 990 per sq.ft (2024)
• Homeland 124 Phase-I: Rs 3,350 per sq.ft (2024)
• Homeland 124 Phase - 2: Rs 3,400 per sq.ft (2024)
• Othandeeswarar Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty, charged at 7%, would amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000. Thus, the total cost for stamp duty and registration fees would be Rs 49,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lakshmi nagar?

The Lakshmi Nagar area is covered by the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar, Poonamallee, Chennai - 600056. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Udaiyavarkoil. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, as these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for Lakshmi Nagar?

The current guideline value for Lakshmi Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 54 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, with several revisions occurring in between. The most significant increase was from Rs 100 per sq.ft in 2007 to Rs 500 per sq.ft in 2012.

What is the median guideline value in Udaiyavarkoil?

The median guideline value in Udaiyavarkoil is Rs 550 per sq.ft, which is also the current guideline value for Lakshmi Nagar.

What is the stamp duty rate for properties in Lakshmi Nagar?

The stamp duty rate for properties in Lakshmi Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Poonamallee Sub Registrar Office located?

The Poonamallee Sub Registrar Office is located at No.332 U + 9cc Malma Nagar, Poonamallee, Chennai - 600056.