Guideline Value for Lalitha Garden Roads ( Ward No.7 )

Lalitha Garden Roads ( Ward No.7 ) guideline value

The current guideline value of Lalitha Garden Roads ( Ward No.7 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Lalitha Garden Roads ( Ward No.7 ) has changed

Over the years, the guideline value for Lalitha Garden Roads has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was a decrease of 33% from the Rs 804 per sq.ft recorded in the 2017 revision. The value then increased significantly by 49% to Rs 1,200 per sq.ft in 2023. The most recent revision in 2024 raised the guideline value to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Lalitha Garden Roads' 2024 figure below this median.

• Lalitha Garden (Ward-07): Rs 1,300 per sq.ft (2024)
• Lalitha Nagar: Rs 1,300 per sq.ft (2024)
• Lalitha Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Lalbahadur Sasthiri Street (Lakshmipuram): Rs 1,300 per sq.ft (2024)
• Lakshmi Puram (Thiyagi Sankara Linganar Street): Rs 1,300 per sq.ft (2024)
• Lakshmipuram Thirumal Nagr (Ward 29): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lalitha Garden Roads ( Ward No.7 )

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to 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 more details.

Which Sub Registrar Office covers Lalitha Garden Roads ( Ward No.7 )?

The Lalitha Garden Roads ( Ward No.7 ) is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value according to government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are transparent and comply with legal requirements.

Frequently asked questions

What is the current guideline value of Lalitha Garden Roads?

The current guideline value of Lalitha Garden Roads ( Ward No.7 ) 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 changed several times, with the most recent increase being from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. Overall, from 2012 to 2024, the guideline value has increased by 8%.

What is the land classification for Lalitha Garden Roads?

Lalitha Garden Roads is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all property registrations in the area.

How is stamp duty calculated for properties in Lalitha Garden Roads?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.