Guideline Value for Lala Street

Lala Street guideline value

The current guideline value of Lala Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Vepery village and falls under the Periamet SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Lala Street has changed

The guideline value for Lala Street has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,000 per sq.ft. This value saw a significant increase of 450% to reach Rs 5,500 per sq.ft in 2012. However, it then decreased by 33% to Rs 3,685 per sq.ft in 2017. Following this, the value rose by 49% to Rs 5,500 per sq.ft in 2023, and most recently, it increased by 9% to the current value of Rs 6,000 per sq.ft in 2024. There are no figures available for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 500%. The revisions reflect the changing landscape and valuation of properties in the area.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value for these streets is Rs 4,800 per sq.ft, making Lala Street's current value of Rs 6,000 per sq.ft higher than the median.

• Lala Singh Street: Rs 4,000 per sq.ft (2024)
• Lala Kutti Street: Rs 4,000 per sq.ft (2024)
• Lala Kutti Lane: Rs 4,000 per sq.ft (2024)
• Lal Singh Street: Rs 4,000 per sq.ft (2024)
• Maddox Street: Rs 4,900 per sq.ft (2024)
• Kutti Thambiran Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Lala Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty, charged at 7%, would be Rs 4,20,000, while the registration fee at 2% would be Rs 1,20,000. Together, these fees amount to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lala Street?

Lala Street falls under the jurisdiction of the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Vepery. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and legally, reflecting the current valuation of the property as per the guidelines set by the Registration Department.

Frequently asked questions

What is the current guideline value of Lala Street?

The current guideline value of Lala Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting a total increase of 500% over the years.

What is the land classification for Lala Street?

Lala Street is classified as Residential Class II Type - I, indicating its designated use for residential purposes.

Where can I find the Sub Registrar Office for Lala Street?

The Sub Registrar Office covering Lala Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

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, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 5,40,000.