Guideline Value for L.G. Nagar

L.G. Nagar guideline value

The current guideline value of L.G. Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of L.G. Nagar has changed

The guideline value for L.G. Nagar has seen changes over the years, with the most recent revision in 2024 setting the value at Rs 2,200 per sq.ft, an increase from Rs 2,000 per sq.ft in the 2023 revision. This represents a 10% increase from the previous year.

Prior to the 2023 revision, the register has no figures for L.G. Nagar for the years 2017, 2012, 2007, 2003, and 2002. Therefore, the only available figures are from 2023 and 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, making L.G. Nagar's 2024 figure of Rs 2,200 per sq.ft below the median.

• L.G. Nagar Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in L.G. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations based on your property details.

Which Sub Registrar Office covers L.G. Nagar?

The Sub Registrar Office that covers L.G. Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that all transactions are conducted fairly and transparently.

When buying or selling property, the guideline value serves as a benchmark for the minimum value on which the stamp duty is calculated. This helps in maintaining a standard across property transactions within the region.

Frequently asked questions

What is the current guideline value of L.G. Nagar?

The current guideline value of L.G. Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, with L.G. Nagar's current figure being below this median.

What are the stamp duty rates applicable in L.G. Nagar?

The stamp duty rate in L.G. 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.G. Nagar?

The Velacheri Sub Registrar Office covers L.G. Nagar and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.