Guideline Value for Lakshmipuram 3rd Street

Lakshmipuram 3rd Street guideline value

The current guideline value of Lakshmipuram 3rd 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 falls under the Residential Class II Type - II land classification.

How the guideline value of Lakshmipuram 3rd Street has changed

The guideline value for Lakshmipuram 3rd Street has undergone 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, marking a decline of 33%. However, the most recent revision in 2024 saw a significant increase to Rs 4,400 per sq.ft, which represents a 64% rise from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register does not contain figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this village is Rs 4,400 per sq.ft, which is the same as the current figure for Lakshmipuram 3rd Street.

• Lakshmipuram 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 4th Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 2nd Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 4th Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmipuram 5th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmipuram 3rd 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, and the registration fee at 2% would be Rs 88,000, bringing the total fees together to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmipuram 3rd Street?

The Sub Registrar Office that covers Lakshmipuram 3rd 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 details.

How the guideline value is used when you buy or sell in Velachery

The guideline value plays a crucial role during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duties and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable fees, which are based on the higher value between the guideline value and the actual sale price. This ensures transparency and fairness in property transactions.

Frequently asked questions

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

The current guideline value of Lakshmipuram 3rd 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, and then increased to Rs 4,400 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024 and an overall 10% increase from 2012 to 2024.

What is the land classification of Lakshmipuram 3rd Street?

Lakshmipuram 3rd Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Lakshmipuram 3rd Street?

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