Guideline Value for Lakshmipuram 2nd Cross Street

Lakshmipuram 2nd Cross Street guideline value

The current guideline value of Lakshmipuram 2nd 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 2nd Cross Street has changed

The guideline value for Lakshmipuram 2nd Cross Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 308 per sq.ft, which increased to Rs 346 per sq.ft in 2003. The next available revision is from 2012, where the value was Rs 4,000 per sq.ft, followed by a decrease to Rs 2,680 per sq.ft in 2017. The 2023 revision set the value at Rs 4,000 per sq.ft, and the latest revision in 2024 raised it to Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

In summary, from 2017 to 2023, there was a significant increase of 49%, while the period from 2012 to 2017 saw a decrease of 33%. The jump from 2003 to 2012 was notable at 1056%, and from 2002 to 2024, the overall increase is 1329%. The register has no figure for this street for the year 2007.

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 guideline value is Rs 4,400 per sq.ft, which is equal to the 2024 figure for Lakshmipuram 2nd Cross Street.

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

Stamp duty and registration fee for property in Lakshmipuram 2nd Cross Street

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

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

Which Sub Registrar Office covers Lakshmipuram 2nd Cross Street?

The Sub Registrar Office that covers Lakshmipuram 2nd 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 is a crucial reference point during property transactions in Velachery. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is important to be aware that the guideline value may influence the sale price. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Lakshmipuram 2nd Cross Street?

The current guideline value of Lakshmipuram 2nd Cross 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 significantly, starting from Rs 308 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 1329%.

What are the stamp duty and registration fees for property in this area?

For a plot of 1,000 sq.ft, the total guideline value is Rs 44,00,000. The stamp duty at 7% is Rs 3,08,000, and the registration fee at 2% is Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office is responsible for transactions in Lakshmipuram 2nd Cross Street?

The Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, is responsible for transactions in this area.

What is the land classification for Lakshmipuram 2nd Cross Street?

Lakshmipuram 2nd Cross Street is classified as Residential Class II Type - II, indicating its suitability for residential development.