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Guideline Value

Corporate

Guideline Value for Lakshmipuram 1st Cross Street

₹4400/sq.ft.

The guideline value for Lakshmipuram 1st Cross Street in Velachery village (Velacheri SRO, Chennai zone) is Rs 4400 per sq.ft, effective 1 July 2024. It was Rs 4000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Ii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - II
History
Period Guideline Value
From 1-7-2024 ₹4400 /sq.ft.
From 1-4-2023 ₹4000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹2680 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹4000 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 ₹346 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹308 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Lakshmipuram 1st Cross Street

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Lakshmipuram 1st Cross Street guideline value

The current guideline value of Lakshmipuram 1st Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Lakshmipuram 1st Cross Street has changed

The guideline value for Lakshmipuram 1st Cross Street has seen several revisions over the years. In the 2002 revision, the value was Rs 308 per sq.ft, which increased significantly to Rs 346 per sq.ft in 2003. The value then rose dramatically to Rs 4,000 per sq.ft in 2012, but dropped to Rs 2,680 per sq.ft in 2017. The 2023 revision set it at Rs 4,000 per sq.ft, and the latest revision in 2024 has increased it to Rs 4,400 per sq.ft.

The changes between these revisions are notable. From 2002 to 2003, there was an increase of 12%. The value then surged by 1,056% from 2003 to 2012. However, from 2012 to 2017, there was a decrease of 33%. The value increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,329%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the 2024 guideline value of Lakshmipuram 1st Cross Street.

Stamp duty and registration fee for property in Lakshmipuram 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total Rs 3,96,000. It is important to note that the 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 accurate calculations.

Which Sub Registrar Office covers Lakshmipuram 1st Cross Street?

The Sub Registrar Office that covers Lakshmipuram 1st Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees that must be paid at the time of registration. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating these fees.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair price according to the local market conditions. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from stamp duties.

Frequently asked questions

What is the current guideline value of Lakshmipuram 1st Cross Street?

The current guideline value of Lakshmipuram 1st Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, with an overall increase of 1,329% from 2002 to 2024. The most recent increase was 10% from 2023 to 2024.

What is the land classification for Lakshmipuram 1st Cross Street?

Lakshmipuram 1st Cross Street is classified as Residential Class II Type - II.

What are the stamp duty rates for property in Lakshmipuram 1st Cross Street?

The stamp duty rate for property in Lakshmipuram 1st Cross Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Lakshmipuram 1st Cross Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.