Guideline Value for Lakshmipuram 2nd St

Lakshmipuram 2nd St guideline value

The current guideline value of Lakshmipuram 2nd 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 2nd St has changed

The guideline value for Lakshmipuram 2nd St has undergone several revisions over the years. The earliest recorded figure is from 2007, when it was Rs 600 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 400% rise. However, in 2017, the value dropped to Rs 2,010 per sq.ft, a decrease of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, reflecting a 49% increase from the previous revision.

The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2007 to 2024, 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 have a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the guideline value of Lakshmipuram 2nd St.

• Lakshmipuram 2-nd Main Road: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 3rd St: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 1st St: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 4th St: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 1-st Main Road: Rs 3,300 per sq.ft (2024)
• Lakshmipuram 5th St: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmipuram 2nd St

For a 1,000 sq.ft plot at the current rate, the guideline value is 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, totaling Rs 2,97,000. Please 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 further calculations.

Which Sub Registrar Office covers Lakshmipuram 2nd St?

The Sub Registrar Office that covers Lakshmipuram 2nd 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 during the registration of property transactions in Tambaram. It determines the minimum price 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, the guideline value serves as a benchmark for both parties involved in the transaction. It is essential to be aware of these values to ensure compliance with legal requirements and to avoid potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmipuram 2nd St?

The current guideline value of Lakshmipuram 2nd 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 an overall increase of 450% over this period.

What is the land classification of Lakshmipuram 2nd St?

Lakshmipuram 2nd St is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Lakshmipuram 2nd St located?

The Sub Registrar Office for Lakshmipuram 2nd St is located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.