Guideline Value for LAVAKUSA NAGAR

Lavakusa Nagar guideline value

The current guideline value of Lavakusa Nagar is Rs 600 per sq.ft, effective from 1 July 2024. This area is part of Kolathur village, under the Chengleput Joint II SRO, and is classified as Residential Special Type - I.

How the guideline value of Lavakusa Nagar has changed

Over the years, the guideline value of Lavakusa Nagar has seen several revisions. The earliest recorded figure is from 2007, when the guideline value was Rs 60 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2012, marking a substantial rise of 900%. However, the value then dropped to Rs 402 per sq.ft in 2017, a decrease of 33%. The guideline value remained at Rs 600 per sq.ft for both the 2023 and 2024 revisions, indicating no change between these two years.

From 2017 to 2023, the guideline value rose by 49%, bringing it back to Rs 600 per sq.ft in 2023. Overall, from 2007 to 2024, the guideline value has increased by 900%, reflecting a significant change in the valuation of this area over the years. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kolathur

In Kolathur, there are 58 streets under the Chengleput Joint II SRO that carry a 2024 guideline value, ranging from Rs 500 to Rs 1,600 per sq.ft, with the median being Rs 600 per sq.ft. Lavakusa Nagar's guideline value aligns perfectly with this median.

• Lakshmi Narayana Nagar-I: Rs 600 per sq.ft (2024)
• Lakshmi Narayana Nagar: Rs 600 per sq.ft (2024)
• Lakshmi Nagar: Rs 600 per sq.ft (2024)
• Madura Nagar: Rs 600 per sq.ft (2024)
• Maha Nagar: Rs 600 per sq.ft (2024)
• Mahathma Gandhi Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Lavakusa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value is Rs 6,00,000. The stamp duty at 7% amounts to Rs 42,000, and the registration fee at 2% is Rs 12,000, bringing the total fees to Rs 54,000. 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 Lavakusa Nagar?

The Sub Registrar Office that covers Lavakusa Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that the guideline value is used to calculate these fees, ensuring transparency in the registration process.

When registering a property, the guideline value helps establish a fair price for taxation purposes, ensuring that both buyers and sellers are aware of the financial obligations involved in the transaction. This value is updated periodically, reflecting changes in the real estate market and local regulations.

Frequently asked questions

What is the current guideline value of Lavakusa Nagar?

The current guideline value of Lavakusa Nagar is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 60 per sq.ft in 2007 to Rs 600 per sq.ft in 2012, then decreased to Rs 402 per sq.ft in 2017. It remained at Rs 600 per sq.ft for both the 2023 and 2024 revisions.

What is the land classification of Lavakusa Nagar?

Lavakusa Nagar is classified as Residential Special Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in Lavakusa Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees amount to Rs 54,000.

Which office handles registrations for Lavakusa Nagar?

The Chengleput Joint II Sub Registrar Office handles registrations for Lavakusa Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.