Guideline Value for Lalith Avenue Extension

Lalith Avenue Extension guideline value

The current guideline value of Lalith Avenue Extension is Rs 2,970 per sq.ft, effective from 1 July 2024. This area is located in Mogalivakkam village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Lalith Avenue Extension has changed

Over the years, the guideline value of Lalith Avenue Extension has seen significant changes. The 2007 revision recorded a guideline value of Rs 600 per sq.ft, which increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 350%. However, from 2012 to 2017, the value decreased to Rs 1,809 per sq.ft, a decline of 33%. The 2017 revision then saw a substantial increase to Rs 2,700 per sq.ft in 2023, reflecting a growth of 49%. The latest revision in 2024 has further increased the guideline value to Rs 2,970 per sq.ft, a rise of 10% from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mogalivakkam

In Mogalivakkam, there are 98 streets under the Kunrathur SRO that have a 2024 guideline value ranging from Rs 2,530 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,970 per sq.ft, which is the same as the guideline value for Lalith Avenue Extension.

• Lalithambal Nagar: Rs 2,970 per sq.ft (2024)
• Lalitha Avenue: Rs 2,970 per sq.ft (2024)
• Madha Koil Road: Rs 2,970 per sq.ft (2024)
• Lakshmi Nagar: Rs 3,520 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 2,970 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Lalith Avenue Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, making the total cost for these fees Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lalith Avenue Extension?

The Lalith Avenue Extension falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

When buying or selling property in Mogalivakkam, the guideline value is a crucial factor during the registration process. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as per the local regulations.

The guideline value helps in establishing a standard for property transactions, thereby facilitating a transparent process for both buyers and sellers. It is essential for all parties involved to be aware of the current guideline value to avoid any discrepancies during the registration of property.

Frequently asked questions

What is the current guideline value of Lalith Avenue Extension?

The current guideline value of Lalith Avenue Extension is Rs 2,970 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 2,970 per sq.ft in 2024, marking an overall increase of 395% over the years.

What is the median guideline value in Mogalivakkam?

The median guideline value in Mogalivakkam is Rs 2,970 per sq.ft, which is the same as the guideline value for Lalith Avenue Extension.

What fees are associated with buying property in Lalith Avenue Extension?

When purchasing property, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where can I find my Sub Registrar Office?

The Kunrathur Sub Registrar Office covers Lalith Avenue Extension, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more information through the provided link.