Guideline Value for LOTUS NAGAR

Lotus Nagar guideline value

The current guideline value of Lotus Nagar, located in Koladi village under the Chennai South Joint II SRO, is Rs 660 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - III land classification.

How the guideline value of Lotus Nagar has changed

Over the years, the guideline value for Lotus Nagar has seen several revisions. The earliest recorded revision was in 2007, where the value was Rs 250 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2012, marking a 140% rise. However, there was a decrease to Rs 402 per sq.ft in 2017, which represented a decline of 33%. The value then rose sharply to Rs 600 per sq.ft in 2023, reflecting a 49% increase, and further increased to Rs 660 per sq.ft in 2024, a 10% rise from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 164%. The changes in the guideline value reflect the adjustments made by the registration department over the years in response to various factors.

Guideline values in Koladi

In Koladi village, there are 175 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,000 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value for Lotus Nagar is below this median.

• Madhakoil 1st Cross Street: Rs 880 per sq.ft (2024)
• Madha Koil 1st Street: Rs 880 per sq.ft (2024)
• Madha Koil 2nd Street: Rs 880 per sq.ft (2024)
• Madha Koil 3rd Street: Rs 880 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 880 per sq.ft (2024)
• Mahda Koil 2nd Street And Cross Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Lotus Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. 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 Lotus Nagar?

The Sub Registrar Office covering Lotus Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Koladi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. This ensures that the fees are calculated based on the official valuation set by the registration department.

When a property is sold, the guideline value is often used to assess the minimum price at which the property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations and to avoid potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Lotus Nagar?

The current guideline value of Lotus Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 164% over the years.

What is the land classification for Lotus Nagar?

Lotus Nagar falls under the Residential Class II Type - III land classification.

What are the stamp duty and registration fees in Lotus Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 6,60,000, with stamp duty at Rs 46,200 and registration fee at Rs 13,200, totaling Rs 59,400.

Where is the Sub Registrar Office for Lotus Nagar located?

The Sub Registrar Office for Lotus Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.