Guideline Value for Lakshminaranyan Nagar 2nd Street

Lakshminaranyan Nagar 2nd Street guideline value

The current guideline value of Lakshminaranyan Nagar 2nd Street is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class II Type - II.

How the guideline value of Lakshminaranyan Nagar 2nd Street has changed

The guideline value for Lakshminaranyan Nagar 2nd Street has undergone several revisions since 2002. The values recorded are as follows: Rs 160 per sq.ft in 2002, Rs 181 per sq.ft in 2003, Rs 300 per sq.ft in 2007, Rs 1,206 per sq.ft in 2017, Rs 1,800 per sq.ft in 2023, and the current value of Rs 1,980 per sq.ft from the 2024 revision. The register has no figure for this street in 2012.

Between these revisions, notable changes include a 10% increase from 2023 to 2024, a 49% rise from 2017 to 2023, a substantial 302% increase from 2007 to 2017, a 66% rise from 2003 to 2007, and a 13% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1138%.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 3,300 per sq.ft, with a median value of Rs 2,090 per sq.ft. The guideline value for Lakshminaranyan Nagar 2nd Street is below this median.

• Lakshminaranyan Nagar 1st Street: Rs 1,980 per sq.ft (2024)
• Lakshminaranyan Nagar 3rd Street: Rs 1,980 per sq.ft (2024)
• Lakshminaranyan Nagar 4th Street: Rs 1,980 per sq.ft (2024)
• Lakshminaranyan Street: Rs 1,980 per sq.ft (2024)
• Lakshman Street / Thandai Periyar Nagar: Rs 1,980 per sq.ft (2024)
• Lakshman Street / Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshminaranyan Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total to Rs 1,78,200. Please note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Lakshminaranyan Nagar 2nd Street?

The Lakshminaranyan Nagar 2nd Street falls under the Pammal Sub Registrar Office located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

When buying or selling property in Pammal, the guideline value is utilized to determine the stamp duty and registration fees applicable during the registration process. This value serves as a benchmark for the minimum price at which the property can be registered.

It is essential to be aware that the guideline value can influence the overall cost of transactions, as the duty is charged based on the higher of the guideline value or the actual sale price. This ensures that all parties are aware of the financial implications when engaging in property transactions.

Frequently asked questions

What is the current guideline value of Lakshminaranyan Nagar 2nd Street?

The current guideline value of Lakshminaranyan Nagar 2nd Street is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 160 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, which is an overall increase of 1138% over the years.

What is the guideline value for other streets in Pammal?

Other streets in Pammal have varying guideline values, with rates for Lakshminaranyan Nagar 1st, 3rd, and 4th Streets all at Rs 1,980 per sq.ft, while Lakshman Street / Muthamzhi Nagar is higher at Rs 2,475 per sq.ft.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, on a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 1,78,200.

Which office handles registrations for Lakshminaranyan Nagar 2nd Street?

The Pammal Sub Registrar Office handles registrations for Lakshminaranyan Nagar 2nd Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.