Guideline Value for LakshmiStreet

LakshmiStreet guideline value

The current guideline value of LakshmiStreet is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Egmore village under the Periamet SRO and is classified as Residential Class I Type - II.

How the guideline value of LakshmiStreet has changed

Over the years, the guideline value of LakshmiStreet has experienced significant changes. The earliest recorded figure is Rs 3,591 per sq.ft in 2002, which increased to Rs 3,959 per sq.ft in 2003, marking a rise of 10%. Following this, the value saw a slight increase to Rs 4,000 per sq.ft in 2007. The next revision in 2012 brought the value to Rs 10,000 per sq.ft, reflecting a substantial increase of 150%. However, the value dropped to Rs 6,700 per sq.ft in 2017, representing a decrease of 33% from the previous figure.

In the subsequent revisions, the guideline value rose again to Rs 10,000 per sq.ft in 2023, which was a 49% increase from 2017. The most recent revision in 2024 set the guideline value at Rs 11,000 per sq.ft, marking a 10% increase from the previous year. There are no figures available for revisions in the years not listed in the register for this street.

Guideline values in Egmore

In Egmore village, there are a total of 465 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, placing LakshmiStreet's 2024 figure above this median.

• Laksminarayana Perumal Koil Street: Rs 8,300 per sq.ft (2024)
• Lamech Avenue: Rs 13,400 per sq.ft (2024)
• Landons Salai: Rs 13,400 per sq.ft (2024)
• Langs Garden Road: Rs 11,000 per sq.ft (2024)
• Logaiya Maistry Street: Rs 3,900 per sq.ft (2024)
• LabbaiSTreet: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in LakshmiStreet

For a 1,000 sq.ft plot at the current rate of Rs 11,000 per sq.ft, the guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total to Rs 9,90,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LakshmiStreet?

The Sub Registrar Office covering LakshmiStreet is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Egmore. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the government receives the appropriate revenue based on the officially recognized value of the property.

During the registration process, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This practice helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of LakshmiStreet?

The current guideline value of LakshmiStreet is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 3,591 per sq.ft in 2002 to Rs 11,000 per sq.ft in 2024, reflecting an overall increase of 206% over the years.

What is the land classification of LakshmiStreet?

LakshmiStreet is classified as Residential Class I Type - II, indicating its suitability for residential development.

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

For a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000, and the registration fee would be Rs 2,20,000, totaling Rs 9,90,000.

Where can I find the Sub Registrar Office for LakshmiStreet?

The Sub Registrar Office for LakshmiStreet is located at 1103, Poonamallee High Road, Chennai-600 003. You can find more information about it online.