Guideline Value for L&T nagar

L&T nagar guideline value

The current guideline value of L&T nagar, located in Thirumazhisai village under the Poonamallee SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. The land classification for this area is Commercial Special Type - I.

How the guideline value of L&T nagar has changed

The guideline value of L&T nagar has undergone several revisions over the years. In 2002, the value was Rs 76 per sq.ft. This increased to Rs 92 per sq.ft in 2003, marking a change of +21%. The value saw a significant rise to Rs 150 per sq.ft in 2007, which was an increase of +63%. By 2012, the value was Rs 1,200 per sq.ft, reflecting a substantial increase of +700% from the previous revision. However, this value decreased to Rs 804 per sq.ft in 2017, a decline of -33%. The 2023 revision set the value at Rs 1,200 per sq.ft, followed by the current value of Rs 1,320 per sq.ft in 2024, which is an increase of +10%.

Overall, from 2002 to 2024, the guideline value has increased by +1637%. It is important to note that there are no figures available for any other years for this street in the register.

Guideline values in Thirumazhisai

In Thirumazhisai, there are 86 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 730 to Rs 3,500 per sq.ft. The median value is Rs 1,320 per sq.ft, which is equal to the current guideline value of L&T nagar.

• Ltm Nagar: Rs 1,540 per sq.ft (2024)
• Lakshmi Sinivasam Nagar: Rs 990 per sq.ft (2024)
• Mandaveli street: Rs 1,100 per sq.ft (2024)
• Kurinji nagar: Rs 1,100 per sq.ft (2024)
• Kuppusamy Nagar: Rs 1,100 per sq.ft (2024)
• Kumaresan Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in L&T nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers L&T nagar?

The Sub Registrar Office that covers L&T nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Thirumazhisai. It serves as a reference point for determining the stamp duty and registration fees applicable to the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of L&T nagar?

The current guideline value of L&T nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 76 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of +1637% over this period.

What are the stamp duty rates applicable in L&T nagar?

The stamp duty rate applicable in L&T nagar is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for L&T nagar?

The Sub Registrar Office for L&T nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

What is the median guideline value in Thirumazhisai?

The median guideline value in Thirumazhisai is Rs 1,320 per sq.ft, which is the same as the current guideline value for L&T nagar.