Guideline Value for Lal Bahadur Shastri Street

Lal Bahadur Shastri Street guideline value

The current guideline value of Lal Bahadur Shastri Street is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Padiyanallur village, under the Redhills SRO, and is classified as Residential Class I Type - I.

How the guideline value of Lal Bahadur Shastri Street has changed

Starting from the 2003 revision, the guideline value for Lal Bahadur Shastri Street was Rs 171 per sq.ft. This figure increased significantly to Rs 400 per sq.ft in 2007, marking a rise of 134%. In 2012, the value was revised to Rs 700 per sq.ft, which represented a 75% increase from the previous revision. However, in 2017, the value dropped to Rs 469 per sq.ft, a decrease of 33%. The 2023 revision brought the value back up to Rs 700 per sq.ft, before the latest increase to Rs 770 per sq.ft in 2024, reflecting a 10% rise.

Overall, from 2003 to 2024, the guideline value has increased by 350%. The register does not have a figure for the year 2002 for this street.

Guideline values in Padiyanallur

In Padiyanallur, there are 132 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 385 to Rs 2,750 per sq.ft. The median value is Rs 770 per sq.ft, which is equal to the 2024 figure for Lal Bahadur Shastri Street.

• Mahalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 3rd Street: Rs 660 per sq.ft (2024)
• Mahameru Nagar: Rs 660 per sq.ft (2024)
• Mahameru Nagar Extn.: Rs 660 per sq.ft (2024)
• Kumaravel Street: Rs 770 per sq.ft (2024)
• Kumaran Street: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Lal Bahadur Shastri Street

For a 1,000 sq.ft plot at the current rate of Rs 770 per sq.ft, the guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total to Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Lal Bahadur Shastri Street?

The Lal Bahadur Shastri Street falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padiyanallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lal Bahadur Shastri Street?

The current guideline value of Lal Bahadur Shastri Street is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2003, the guideline value has increased from Rs 171 per sq.ft to Rs 770 per sq.ft in 2024, reflecting a total increase of 350% over the years.

What are the stamp duty and registration fees for property in Lal Bahadur Shastri Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a property valued at Rs 7,70,000, the total fees would amount to Rs 69,300.

Which Sub Registrar Office covers Lal Bahadur Shastri Street?

The Redhills Sub Registrar Office covers Lal Bahadur Shastri Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the significance of the guideline value in property transactions?

The guideline value is used as a minimum benchmark for property registration. It determines the stamp duty and registration fees that must be paid during the transaction, ensuring compliance with government regulations.