Guideline Value for Lal Bhadur Sastri Nagar

Lal Bhadur Sastri Nagar guideline value

The current guideline value of Lal Bhadur Sastri Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Tondaiarpet village and falls under the jurisdiction of the Royapuram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Lal Bhadur Sastri Nagar has changed

The guideline value for Lal Bhadur Sastri Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2012 revision. This figure remained unchanged until the 2023 revision, where it was again Rs 1,200 per sq.ft. However, in the latest 2024 revision, the guideline value rose to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

In total, from the 2007 revision to the 2024 revision, the guideline value has increased by 117%. Notably, there are no figures available for the revisions in 2002, 2003, and 2017 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, indicating that Lal Bhadur Sastri Nagar's 2024 figure is below this median.

• Limekiln Road (Sunnambu Kaalvai Road): Rs 1,300 per sq.ft (2024)
• Lotus Ramasamy Street: Rs 3,800 per sq.ft (2024)
• Madha Koil Street: Rs 2,200 per sq.ft (2024)
• Labour Lane: Rs 1,300 per sq.ft (2024)
• K.V.K. Swamy street: Rs 1,300 per sq.ft (2024)
• Kuresan Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lal Bhadur Sastri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000. Together, the total cost for stamp duty and registration fee would be Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Lal Bhadur Sastri Nagar?

The Lal Bhadur Sastri Nagar area is covered by the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Tondaiarpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value in accordance with government regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction, thereby facilitating a smoother registration process.

Frequently asked questions

What is the current guideline value of Lal Bhadur Sastri Nagar?

The current guideline value of Lal Bhadur Sastri Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 117% across the years.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total cost for these fees would be Rs 1,17,000.

Which Sub Registrar Office covers Lal Bhadur Sastri Nagar?

The Royapuram Sub Registrar Office covers Lal Bhadur Sastri Nagar, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

What is the land classification for Lal Bhadur Sastri Nagar?

The land classification for Lal Bhadur Sastri Nagar is Residential Class II Type - I, which indicates the type of development permitted in this area.