Guideline Value for Lakshmipuram 1st Street

Lakshmipuram 1st Street guideline value

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

How the guideline value of Lakshmipuram 1st Street has changed

The guideline value for Lakshmipuram 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which was then reduced to Rs 2,680 per sq.ft in 2017. Following this, the value increased significantly to Rs 4,000 per sq.ft in 2023 and further to Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. However, the change from 2012 to 2017 saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is the same as the current guideline value for Lakshmipuram 1st Street.

• Lakshmipuram 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 2nd Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 3rd Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram: Rs 4,950 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty, calculated at 7%, would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmipuram 1st Street?

The Sub Registrar Office that covers Lakshmipuram 1st 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 is a critical factor during the registration of property transactions in Velachery. It determines the minimum value at which properties can be registered and is used to calculate the applicable stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it impacts the overall cost of the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,680 per sq.ft in 2017 and Rs 4,000 per sq.ft in 2012.

What is the classification of Lakshmipuram 1st Street?

Lakshmipuram 1st Street is classified as Residential Class II Type - II under the Velacheri SRO.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for properties in Lakshmipuram 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000.