Guideline Value for Lal Bhagadur Sastry / Lal Bhagadur Street

Lal Bhagadur Sastry / Lal Bhagadur Street guideline value

The current guideline value for Lal Bhagadur Sastry / Lal Bhagadur Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, and it falls under the Residential Class IV Type - I land classification.

How the guideline value of Lal Bhagadur Sastry / Lal Bhagadur Street has changed

The guideline value for Lal Bhagadur Sastry / Lal Bhagadur Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision and further rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, the value saw a decrease of 33%, but from 2017 to 2023, it increased by 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value for Lal Bhagadur Sastry / Lal Bhagadur Street is below this median.

• Madhavaram High Road: Rs 3,800 per sq.ft (2024)
• Lakshmiamman Nagar 1st Cross Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman Koil Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 3rd Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 2nd Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 1st Street: Rs 3,000 per sq.ft (2024)

Stamp duty and registration fee for property in Lal Bhagadur Sastry / Lal Bhagadur Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. 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 Lal Bhagadur Sastry / Lal Bhagadur Street?

The Lal Bhagadur Sastry / Lal Bhagadur Street falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor when buying or selling property in Erukancherry, as it determines the minimum value on which stamp duty and registration fees are calculated. Buyers must be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating the fees.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with legal requirements. This value is updated periodically, and staying informed about these changes can help in making better decisions during property transactions.

Frequently asked questions

What is the current guideline value for Lal Bhagadur Sastry / Lal Bhagadur Street?

The current guideline value for Lal Bhagadur Sastry / Lal Bhagadur Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase being from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, which is a 10% increase. The value has seen fluctuations, including a decrease from 2012 to 2017.

What are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are based on the higher of the guideline value or the sale price.

Which office handles registrations for Lal Bhagadur Sastry / Lal Bhagadur Street?

The Madhavaram Sub Registrar Office handles registrations for Lal Bhagadur Sastry / Lal Bhagadur Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the guideline value determined for properties in Erukancherry?

The guideline value for properties in Erukancherry is determined by the Registration Department's guideline value register. It is updated periodically to reflect changes in the market and land classification.