Guideline Value for NEW LAKSHMI NAGAR

New Lakshmi Nagar guideline value

The current guideline value of New Lakshmi Nagar is Rs 302 per sq.ft, effective from 1 July 2024. This locality is situated in Silavattam village, under the Madurandakam SRO, and is classified as Mixed Type - I land.

How the guideline value of New Lakshmi Nagar has changed

Over the years, the guideline value of New Lakshmi Nagar has seen several revisions. The 2012 revision set the value at Rs 300 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 201 per sq.ft. The next revision in 2023 increased the value to Rs 300 per sq.ft, and the latest revision in 2024 raised it slightly to Rs 302 per sq.ft, marking a 1% increase.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by just 1%.

Guideline values in Silavattam

In Silavattam, there are six streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 400 per sq.ft, with the median value being Rs 302 per sq.ft. New Lakshmi Nagar's 2024 guideline value aligns with this median.

• J.J.Nagar: Rs 400 per sq.ft (2024)
• S.R.G.D Nagar Phase-II: Rs 200 per sq.ft (2024)
• Sri Veeraraghava Nagar Phase - I: Rs 200 per sq.ft (2024)
• Aasai Nagar Phase - V: Rs 302 per sq.ft (2024)
• "sri Veeraragava Nagar": Rs 301 per sq.ft (2024)

Stamp duty and registration fee for property in New Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 302 per sq.ft, the total guideline value would be Rs 3,02,000. The stamp duty at 7% would amount to Rs 21,140, and the registration fee at 2% would be Rs 6,040, bringing the total to Rs 27,180. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Lakshmi Nagar?

The Sub Registrar Office that covers New Lakshmi Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Silavattam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value serves as a benchmark for calculating stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value, as it impacts the overall cost of the transaction. Accurate knowledge of these values ensures compliance with local regulations and helps in smooth property transfers.

Frequently asked questions

What is the current guideline value of New Lakshmi Nagar?

The current guideline value of New Lakshmi Nagar is Rs 302 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2023 to Rs 302 per sq.ft in 2024, reflecting a 1% increase. It was Rs 201 per sq.ft in 2017 and Rs 300 per sq.ft in 2012.

What are the other streets in Silavattam with their guideline values?

Other streets in Silavattam include J.J.Nagar at Rs 400 per sq.ft, S.R.G.D Nagar Phase-II and Sri Veeraraghava Nagar Phase - I both at Rs 200 per sq.ft, Aasai Nagar Phase - V at Rs 302 per sq.ft, and "sri Veeraragava Nagar" at Rs 301 per sq.ft.

What is the stamp duty rate in New Lakshmi Nagar?

The stamp duty rate in New Lakshmi Nagar is 7% of the guideline value or the sale price, whichever is higher. This is essential for property registration.

Where can I find the Sub Registrar Office for New Lakshmi Nagar?

The Sub Registrar Office for New Lakshmi Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.