Guideline Value for LLOYDS COLONY

Lloyds Colony guideline value

The current guideline value of Lloyds Colony, located in Mylapore village under the Mylapore SRO, is Rs 11,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - III.

How the guideline value of Lloyds Colony has changed

The guideline value of Lloyds Colony has seen several revisions over the years. The earliest recorded revision was in 2007, where the value was set at Rs 1,750 per sq.ft. This figure remained unchanged until the 2012 revision, which also recorded Rs 10,500 per sq.ft. The next revision in 2023 maintained the value at Rs 10,500 per sq.ft, before increasing to Rs 11,500 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 557%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2017 for this street.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO, with 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 Lloyds Colony's 2024 figure above this median.

• Lloyds Road 1st Street: Rs 13,200 per sq.ft (2024)
• Lloyds Road 2nd Street: Rs 8,800 per sq.ft (2024)
• LLOYDS ROAD (From RH Road to Dr.Natsan Road): Rs 11,500 per sq.ft (2024)
• LLOYDS ROAD (Natesan Road to Kamarajar Salai): Rs 9,300 per sq.ft (2024)
• LLOYDS ROAD (RH Road to Gowdia Madam Salai): Rs 13,200 per sq.ft (2024)
• Loganathan Colony: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Lloyds Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value amounts to Rs 1,15,00,000. The stamp duty at 7% would be Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total cost for these fees to Rs 10,35,000. 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 Lloyds Colony?

The Sub Registrar Office that covers Lloyds Colony 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 serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the established values set by the Registration Department.

When a property is sold, the guideline value is used to assess the transaction's value for tax purposes. Buyers and sellers must be aware of this value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Lloyds Colony?

The current guideline value of Lloyds Colony is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,750 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, marking an overall increase of 557%.

What is the classification of land in Lloyds Colony?

Lloyds Colony is classified as Residential Class II Type - III, indicating its designated use for residential purposes.

Where can I find the Mylapore Sub Registrar Office?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 1,15,00,000, the total fees would amount to Rs 10,35,000.