Guideline Value for Lakshmipuram

Lakshmipuram guideline value

The current guideline value of Lakshmipuram, located in Velachery village under the Velacheri SRO, is Rs 4,950 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Lakshmipuram has changed

The guideline value for Lakshmipuram has seen several revisions over the years. Starting from Rs 364 per sq.ft in 2002, it increased to Rs 408 per sq.ft in 2003, marking a rise of 12%. The value then surged dramatically to Rs 4,500 per sq.ft in 2012, reflecting a significant increase of 1003%. However, it dropped to Rs 3,015 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, and now stands at Rs 4,950 per sq.ft in 2024, which is a 10% increase from the previous year. There is no figure available for the year 2007 in the register for this street.

Overall, from 2002 to 2024, the guideline value has increased by 1260%. The changes between the revisions illustrate the fluctuations in the guideline value, with the most substantial increase occurring between 2003 and 2012, and the most recent increase from 2023 to 2024 being a more modest 10%.

Guideline values in Velachery

In Velachery, there are 2691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Lakshmipuram is above this median.

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

Stamp duty and registration fee for property in Lakshmipuram

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. It is important to 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?

The Sub Registrar Office that covers Lakshmipuram is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Velachery, as it determines the minimum value at which properties can be registered. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

This ensures that the government receives appropriate revenue from property transactions. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmipuram?

The current guideline value of Lakshmipuram is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 364 per sq.ft in 2002 and reaching Rs 4,950 per sq.ft in 2024, showing an overall increase of 1260% since 2002.

What is the land classification of Lakshmipuram?

Lakshmipuram is classified as Residential Class II Type - I, which indicates the type of development permissible in the area.

What is the stamp duty rate in Lakshmipuram?

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

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.