Guideline Value for LALITHA NAGAR 2ND STREET

Lalitha Nagar 2nd Street guideline value

The current guideline value of Lalitha Nagar 2nd Street is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Lalitha Nagar 2nd Street has changed

The guideline value for Lalitha Nagar 2nd Street has seen significant changes over the years. Starting with the 2002 revision, the guideline value was Rs 1,044 per sq.ft. This increased to Rs 1,160 per sq.ft in 2003, marking an increase of 11%. The value remained unchanged at Rs 7,500 per sq.ft from 2012 until the 2023 revision. The 2012 revision saw a substantial increase of 547% from the 2003 figure. From 2023 to 2024, the guideline value rose to Rs 8,200 per sq.ft, reflecting a 9% increase.

It is important to note that there are no figures available for the years 2007 and 2017 for Lalitha Nagar 2nd Street. Overall, from 2002 to 2024, the guideline value has increased by 685%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, indicating that Lalitha Nagar 2nd Street's current value is below this median.

• Lalitha Nagar 1st Street: Rs 8,200 per sq.ft (2024)
• Lalitha Nagar 3rd Street: Rs 8,200 per sq.ft (2024)
• Lalitha Nagar: 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total 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. Together, the total cost for stamp duty and registration fees would be Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lalitha Nagar 2nd Street?

The Sub Registrar Office that covers Lalitha Nagar 2nd 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 plays a crucial role in the registration process for property transactions in Mylapore. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the fees are calculated based on a standardized valuation rather than the sale price alone.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with the registration of the property. Understanding the guideline value helps in planning the financial aspects of property transactions in Mylapore.

Frequently asked questions

What is the current guideline value of Lalitha Nagar 2nd Street?

The current guideline value of Lalitha Nagar 2nd 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 increased from Rs 1,044 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, marking an overall increase of 685%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 and the registration fee would be Rs 1,64,000, totaling Rs 7,38,000.

Which Sub Registrar Office is responsible for Lalitha Nagar 2nd Street?

The Mylapore Sub Registrar Office is responsible for Lalitha Nagar 2nd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Lalitha Nagar 2nd Street?

Lalitha Nagar 2nd Street is classified as Residential Class IV Type - I.