Guideline Value for LACHATHIPATHI NAGAR

Lachathipathi Nagar guideline value

The current guideline value of Lachathipathi Nagar is Rs 1,870 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Lachathipathi Nagar has changed

The guideline value for Lachathipathi Nagar has seen several revisions over the years. The 2007 revision recorded a value of Rs 500 per sq.ft, which increased significantly to Rs 1,700 per sq.ft in 2012. However, it then decreased to Rs 1,139 per sq.ft in the 2017 revision. Following this, the value rose to Rs 1,700 per sq.ft in 2023 and further increased to Rs 1,870 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 274%. Notably, the register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 660 to Rs 4,600 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Lachathipathi Nagar's 2024 figure above this median.

• Lakshmi Avenue: Rs 990 per sq.ft (2024)
• Lakshmi Avenue 1st Street: Rs 990 per sq.ft (2024)
• Lakshmi Avenue 2nd Street: Rs 990 per sq.ft (2024)
• Kumaran Nagar: Rs 1,320 per sq.ft (2024)
• Maduram Nagar: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lachathipathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400. Together, these fees would total Rs 1,68,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lachathipathi Nagar?

The Sub Registrar Office that covers Lachathipathi Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a critical factor in property transactions in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Ensuring that the sale price is in line with the guideline value can help avoid any complications during the registration process.

Frequently asked questions

What is the current guideline value of Lachathipathi Nagar?

The current guideline value of Lachathipathi Nagar is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,870 per sq.ft in 2024, marking an overall increase of 274% over the years.

What are the other streets in Kolathuvancheri?

Other streets in Kolathuvancheri include Lakshmi Avenue, Kumaran Nagar, and Maduram Nagar, among others, with guideline values ranging from Rs 990 to Rs 2,200 per sq.ft as of 2024.

What fees are associated with buying property in Lachathipathi Nagar?

When buying property in Lachathipathi Nagar, you will need to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Lachathipathi Nagar?

The Sub Registrar Office for Lachathipathi Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.