Guideline Value for Lakshmipuram 2nd Street

Lakshmipuram 2nd Street guideline value

The current guideline value of Lakshmipuram 2nd 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 Street has changed

The guideline value for Lakshmipuram 2nd Street has experienced several revisions over the years. The oldest recorded revision is from 2012, where the guideline value was Rs 4,000 per sq.ft. This was followed by a decrease to Rs 2,680 per sq.ft in the 2017 revision. However, from 2017 to 2024, the value increased significantly to Rs 4,400 per sq.ft, marking a 64% rise.

Between 2012 and 2017, there was a decrease of 33% in the guideline value. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%. The register has no figure for this street for the years 2002, 2003, 2007, and 2023.

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 the same as the guideline value for Lakshmipuram 2nd Street.

• Lakshmipuram 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 1st Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 3rd Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 1st Cross 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 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 amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, resulting in a total of Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmipuram 2nd Street?

The Sub Registrar Office that covers Lakshmipuram 2nd 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 factor in the registration process of property transactions in Velachery. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum value at which the property can be registered. This ensures transparency and fairness in property transactions within the region.

Frequently asked questions

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

The current guideline value of Lakshmipuram 2nd 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 2012 to Rs 2,680 per sq.ft in 2017, then increased to Rs 4,400 per sq.ft in 2024. Overall, from 2012 to 2024, there has been a 10% increase.

What are the stamp duty and registration fees for property in Lakshmipuram 2nd Street?

The stamp duty for a property valued at Rs 44,00,000 would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

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

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

How is the guideline value used in property transactions?

The guideline value is used to calculate stamp duty and registration fees during property transactions. It ensures that properties are registered at a fair value, which is crucial for government revenue.