Guideline Value for LALITHA NAGAR 3RD STREET

Lalitha Nagar 3rd Street guideline value

The current guideline value of Lalitha Nagar 3rd 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 3rd Street has changed

Over the years, the guideline value of Lalitha Nagar 3rd Street has seen significant changes. The earliest recorded revision was in 2002, with a guideline value of Rs 1,044 per sq.ft. This increased to Rs 1,160 per sq.ft in 2003, marking an 11% rise. The next revision in 2012 saw the value at Rs 7,500 per sq.ft, which was a substantial increase of 547% from 2003. However, in 2017, the value dropped to Rs 5,025 per sq.ft, reflecting a decrease of 33%. The guideline value then rose to Rs 7,500 per sq.ft in 2023, and finally, it reached Rs 8,200 per sq.ft in 2024, indicating a 9% increase from the previous year.

It is important to note that there is no recorded figure for Lalitha Nagar 3rd Street in the 2007 revision. Overall, from 2002 to 2024, the guideline value has increased by 685%.

Guideline values in Mylapore

The village of Mylapore has a total of 883 streets under the Mylapore SRO, with 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, placing Lalitha Nagar 3rd Street's 2024 guideline value below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, leading to a total of Rs 7,38,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lalitha Nagar 3rd Street?

The Sub Registrar Office that covers Lalitha Nagar 3rd 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

When buying or selling property in Mylapore, the guideline value plays a crucial role in determining the applicable stamp duty and registration fees. The guideline value is established by the Registration Department and serves as a basis for these charges, ensuring that they reflect the official valuation of the property.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of transactions. Understanding this value can help in making informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Lalitha Nagar 3rd Street?

The current guideline value of Lalitha Nagar 3rd 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 significantly from Rs 1,044 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, with various increases and one decrease noted in the revisions.

What is the land classification for Lalitha Nagar 3rd Street?

Lalitha Nagar 3rd Street is classified as Residential Class IV Type - I.

Where is the Sub Registrar Office for Lalitha Nagar 3rd Street located?

The Sub Registrar Office for Lalitha Nagar 3rd Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How do I calculate stamp duty and registration fees?

Stamp duty and registration fees can be calculated based on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for accurate calculations.