Guideline Value for LALITHA NAGAR 1ST STREET

Lalitha Nagar 1st Street guideline value

The current guideline value of Lalitha Nagar 1st Street is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village under the Mylapore SRO, classified as Residential Class IV Type - I.

How the guideline value of Lalitha Nagar 1st Street has changed

In the 2012 revision, the guideline value was Rs 7,500 per sq.ft. This figure decreased to Rs 5,025 per sq.ft in the 2017 revision, reflecting a decline of 33%. However, from 2017 to 2023, the value saw a significant increase of 49%, bringing it back to Rs 7,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 8,200 per sq.ft, which is a 9% increase from the previous year.

For the years 2002, 2003, and 2007, the register has no figure for Lalitha Nagar 1st Street. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, making the 2024 figure for Lalitha Nagar 1st Street below that median.

• Lalitha Nagar: Rs 8,200 per sq.ft (2024)
• Lalitha Nagar 2nd Street: Rs 8,200 per sq.ft (2024)
• Lalitha Nagar 3rd Street: Rs 8,200 per sq.ft (2024)
• Lalithapuram: Rs 8,200 per sq.ft (2024)
• Lambath Avenue: Rs 8,200 per sq.ft (2024)
• Lasurus Church Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lalitha Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 8,200 per sq.ft, the guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, totaling Rs 7,38,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lalitha Nagar 1st Street?

The Sub Registrar Office covering Lalitha Nagar 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property. It is important to note that the stamp duty is charged based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Lalitha Nagar 1st Street?

The current guideline value of Lalitha Nagar 1st Street is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 7,500 per sq.ft in 2012 to Rs 5,025 per sq.ft in 2017, then increased to Rs 7,500 per sq.ft in 2023, and finally to Rs 8,200 per sq.ft in 2024.

What is the land classification for Lalitha Nagar 1st Street?

Lalitha Nagar 1st Street is classified as Residential Class IV Type - I.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated for property in Lalitha Nagar 1st Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 82,00,000 would incur a stamp duty of Rs 5,74,000.