Guideline Value for Lakshmipuram 3rd Cross Street

Lakshmipuram 3rd Cross Street guideline value

The current guideline value of Lakshmipuram 3rd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Lakshmipuram 3rd Cross Street has changed

The guideline value for Lakshmipuram 3rd Cross Street has experienced several revisions over the years. In 2002, the guideline value was Rs 308 per sq.ft, which increased to Rs 346 per sq.ft in 2003, marking a rise of 12%. The value saw a significant jump to Rs 4,000 per sq.ft in 2012, reflecting an increase of 1,056%. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, which is an increase of 64% from the 2017 figure.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 1,329%. It is important to note that the register has no figures for the years 2007 and 2023 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, 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 3rd Cross Street.

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

Stamp duty and registration fee for property in Lakshmipuram 3rd Cross 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 at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration fee would be Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmipuram 3rd Cross Street?

The Sub Registrar Office that covers Lakshmipuram 3rd 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 an essential factor in the registration process when buying or selling property in Velachery. 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 value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmipuram 3rd Cross Street?

The current guideline value of Lakshmipuram 3rd 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 from Rs 308 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1,329% over the years.

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

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

Which Sub Registrar Office covers this street?

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

What is the land classification for Lakshmipuram 3rd Cross Street?

The land classification for Lakshmipuram 3rd Cross Street is Residential Class II Type - II.