Kanchana... we have seen a lot of south remake, expectation from Bollywood to enhance the experience, on that scale i would say watching kanchana is more effective in place of laxmi.
Expectation was that this movie will give a strong message to society and bring a new strong side of transgender in our society in spite of that you will find same religious controversial Bollywood stunt.
Ak again prove himself an actor who can fit and express any character and that's why for his performance movie is worth of one time watching.
Songs are good, nothing new in story (so don't expect that).
so over all choice is yours but my recommendation "if you haven't watch the original one "kanchana" before give a try to "Laxmi" it will entertain you but if you already watched "kanchna" you should go with no expectation and watch as a fan of AK.