Guideline Value for Lakshmipathi Nagar

Lakshmipathi Nagar guideline value

The current guideline value of Lakshmipathi Nagar is Rs 660 per sq.ft, effective from 1 July 2024. This locality is situated in Malayambakkam village and falls under the Kunrathur SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Lakshmipathi Nagar has changed

The guideline value for Lakshmipathi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2007, set at Rs 150 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2012, marking a 300% rise. However, the value then decreased to Rs 402 per sq.ft in 2017, a reduction of 33%. Following this, the value rose again to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the initial figure in 2007 to the current value in 2024, there has been a substantial increase of 340%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Malayambakkam

In Malayambakkam, there are 82 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 450 to Rs 2,750 per sq.ft, with a median value of Rs 935 per sq.ft. The guideline value of Lakshmipathi Nagar is below this median.

• Mahalakshmi Nagar: Rs 1,210 per sq.ft (2024)
• Mariamman Koil Street: Rs 880 per sq.ft (2024)
• K.K. Nagar: Rs 1,210 per sq.ft (2024)
• M.G.R. Salai: Rs 880 per sq.ft (2024)
• Ms Avenue: Rs 1,400 per sq.ft (2024)
• Jayalakshmi Nagar Annexure -III: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmipathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lakshmipathi Nagar?

The Sub Registrar Office that covers Lakshmipathi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Malayambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

During registration, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that both buyers and sellers are aware of the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Lakshmipathi Nagar?

The current guideline value of Lakshmipathi Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, marking an overall increase of 340% over the years.

What are the stamp duty and registration fees for property in Lakshmipathi Nagar?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 59,400.

Which Sub Registrar Office covers Lakshmipathi Nagar?

The Kunrathur Sub Registrar Office covers Lakshmipathi Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the land classification for Lakshmipathi Nagar?

The land classification for Lakshmipathi Nagar is Residential Class I Type - III, indicating its suitability for residential development.