Guideline Value for Lalitha Avenue

Lalitha Avenue guideline value

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

How the guideline value of Lalitha Avenue has changed

The guideline value for Lalitha Avenue has undergone several revisions over the years. The earliest recorded figure is from 2007, where it stood at Rs 450 per sq.ft. This increased significantly to Rs 2,700 per sq.ft in 2012, marking a 500% rise. However, in 2017, it decreased to Rs 1,809 per sq.ft, a drop of 33%. The value then increased to Rs 2,700 per sq.ft in 2023, and finally, it reached Rs 2,970 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been a substantial increase of 560%. It is important to note that there are no recorded 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 carry a 2024 guideline value ranging from Rs 2,530 to Rs 6,600 per sq.ft. Lalitha Avenue's 2024 figure of Rs 2,970 per sq.ft is equal to the median value for the village.

• Lalithambal Nagar: Rs 2,970 per sq.ft (2024)
• Lalith Avenue Extension: 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 Lalitha Avenue

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, while the registration fee at 2% would be Rs 59,400. Together, the total cost for these fees would be 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.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lalitha Avenue?

The Lalitha Avenue falls under the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

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

When you register a property, 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.

Frequently asked questions

What is the current guideline value of Lalitha Avenue?

The current guideline value of Lalitha Avenue 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 changed from Rs 450 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 560% over these years.

What is the registration office for Lalitha Avenue?

The registration office for Lalitha Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Lalitha Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900.

What is the land classification of Lalitha Avenue?

Lalitha Avenue is classified as Residential Special Type - I, indicating its intended use for residential purposes.