Guideline Value for LENIN NAGAR PHASE I

Lenin Nagar Phase I guideline value

The current guideline value of Lenin Nagar Phase I is Rs 880 per sq.ft, effective from 1 July 2024. This locality is situated in Manimangalam A village under the Padappai SRO, classified as Residential Class I Type - I.

How the guideline value of Lenin Nagar Phase I has changed

The guideline value for Lenin Nagar Phase I has seen several revisions over the years. The 2017 revision recorded a value of Rs 536 per sq.ft, which increased to Rs 800 per sq.ft in 2023. The most recent revision in 2024 has raised the value to Rs 880 per sq.ft, marking a significant increase of 64% from 2017 to 2024. Notably, there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

From 2023 to 2024, the guideline value increased by 10%, while the jump from 2017 to 2023 was 49%. This reflects the changes in the real estate landscape in the area over the past few years.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft. The median value is Rs 880 per sq.ft, which aligns with the guideline value of Lenin Nagar Phase I.

• Lenin Garden: Rs 880 per sq.ft (2024)
• Mada Veethi ( East, West, North and South ): Rs 880 per sq.ft (2024)
• Lakshmi Nagar Extn: Rs 770 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 880 per sq.ft (2024)
• Lakshmi Nagar: Rs 770 per sq.ft (2024)
• Lakshmi Garden Extension: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Lenin Nagar Phase I

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, leading to a total cost of Rs 79,200. 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 Lenin Nagar Phase I?

The Sub Registrar Office that covers Lenin Nagar Phase I is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Manimangalam A. It serves as a benchmark for determining the stamp duty and registration fees payable during the sale or purchase of property.

When a property is registered, the guideline value is considered to ensure that the correct fees are applied. This value is essential for both buyers and sellers to understand their financial obligations in a property transaction.

Frequently asked questions

What is the current guideline value of Lenin Nagar Phase I?

The current guideline value of Lenin Nagar Phase I is Rs 880 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

Since 2017, the guideline value has increased from Rs 536 per sq.ft to Rs 880 per sq.ft in 2024, marking an overall increase of 64%.

What is the registration office for Lenin Nagar Phase I?

The registration office for Lenin Nagar Phase I is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in Lenin Nagar Phase I?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate has a guideline value of Rs 8,80,000, which would incur a stamp duty of Rs 61,600.

What are the other streets with similar guideline values in Manimangalam A?

Other streets in Manimangalam A with similar guideline values include Lenin Garden, Mada Veethi, and Mahalakshmi Nagar, all at Rs 880 per sq.ft for 2024.