Guideline Value for Lakshmipuram 1st St

Lakshmipuram 1st St guideline value

The current guideline value of Lakshmipuram 1st St is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - I.

How the guideline value of Lakshmipuram 1st St has changed

The guideline value for Lakshmipuram 1st St has seen several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, there was a decrease to Rs 2,010 per sq.ft in 2017. The subsequent revision in 2023 raised it to Rs 3,000 per sq.ft, followed by the current value of Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 450%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which is equal to the current value of Lakshmipuram 1st St.

• Lakshmipuram 1-st Main Road: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 2-nd Main Road: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 15th St: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 2nd St: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 14th St: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 3rd St: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmipuram 1st St

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. 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 detailed calculations.

Which Sub Registrar Office covers Lakshmipuram 1st St?

The Sub Registrar Office that covers Lakshmipuram 1st St is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair price.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, which are necessary for the legal transfer of ownership. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Lakshmipuram 1st St?

The current guideline value of Lakshmipuram 1st St is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 450% over the years.

What are the stamp duty and registration fees for properties in Lakshmipuram 1st St?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft property, the total fees would be Rs 2,97,000.

Which office handles property registrations in Lakshmipuram 1st St?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for Lakshmipuram 1st St, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification of Lakshmipuram 1st St?

Lakshmipuram 1st St is classified as Residential Class I Type - I, indicating its suitability for residential development.