Guideline Value for LAMBATH AVENUE

Lambath Avenue guideline value

The current guideline value of Lambath Avenue 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 Lambath Avenue has changed

Over the years, the guideline value of Lambath Avenue has seen significant changes. The earliest recorded value in the register is from 2002, which was Rs 1,220 per sq.ft. This figure increased to Rs 1,355 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 1,540 per sq.ft in 2007, which is a 14% increase. Following that, there was a substantial jump to Rs 7,500 per sq.ft in 2012, reflecting a 387% increase. However, the value decreased to Rs 5,025 per sq.ft in 2017, a decline of 33%. The value then increased significantly to Rs 7,500 per sq.ft in 2023, marking a 49% rise, and finally reached Rs 8,200 per sq.ft in 2024, which is a 9% increase from the previous year.

There are no figures available for revisions in the years not mentioned in the register. Overall, from 2002 to 2024, the guideline value has increased by 572%.

Guideline values in Mylapore

In Mylapore, there are a total of 883 streets under the Mylapore SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Lambath Avenue's current guideline value below this median.

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

Stamp duty and registration fee for property in Lambath Avenue

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. It is important to note that the 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 Lambath Avenue?

The Sub Registrar Office that covers Lambath Avenue 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 when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers should be aware that the duty is charged based on the higher of the guideline value or the sale price of the property.

When a property is registered, the guideline value ensures that the government receives appropriate revenue from property transactions. Therefore, it is essential for both buyers and sellers to understand the guideline value of the property they are dealing with.

Frequently asked questions

What is the current guideline value of Lambath Avenue?

The current guideline value of Lambath Avenue 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 1,220 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting a total increase of 572% over this period.

What is the land classification for Lambath Avenue?

Lambath Avenue is classified as Residential Class IV Type - I, which indicates its designated use for residential purposes.

What are the stamp duty and registration fees for a property in Lambath Avenue?

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.

Where is the Sub Registrar Office for Lambath Avenue located?

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