Guideline Value for LALITHAPURAM

Lalithapuram guideline value

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

How the guideline value of Lalithapuram has changed

Over the years, the guideline value of Lalithapuram has seen several revisions. The earliest recorded figure is from 2002, where the guideline value was Rs 1,220 per sq.ft. This increased to Rs 1,355 per sq.ft in 2003, marking an 11% rise. The value then saw a further increase to Rs 1,540 per sq.ft in 2007, which is a 14% change. In 2012, the guideline value was revised to Rs 7,500 per sq.ft, reflecting a significant increase of 387%. However, this value dropped to Rs 5,025 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 7,500 per sq.ft in 2023, and finally, it stands at Rs 8,200 per sq.ft in 2024, showing a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 572%. The register has no figures for the years between these revisions for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Lalithapuram is below this median.

• Lalitha Nagar: Rs 8,200 per sq.ft (2024)
• Lalitha Nagar 1st Street: 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)
• 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 Lalithapuram

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, charged at 7%, would be Rs 5,74,000, while the registration fee at 2% would be Rs 1,64,000. Together, the total cost for these fees would be Rs 7,38,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these costs, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lalithapuram?

The Sub Registrar Office that covers Lalithapuram is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. For further details, you can find your SRO.

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

The guideline value plays a crucial role during the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the stamp duty and registration fees are calculated fairly based on this value.

When buying or selling property, the guideline value is used to assess the financial obligations associated with the transaction. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Lalithapuram?

The current guideline value of Lalithapuram 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 multiple times, starting from Rs 1,220 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 572% over the years.

What is the classification of land in Lalithapuram?

Lalithapuram is classified as Residential Class IV Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Lalithapuram?

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

How is stamp duty calculated for properties in Lalithapuram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 82,00,000 would incur a stamp duty of Rs 5,74,000.