Guideline Value for Lalitha Nagar

Lalitha Nagar guideline value

The current guideline value of Lalitha Nagar, located in Madambakkam village under the Gooduvancheri SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Special Type - I.

How the guideline value of Lalitha Nagar has changed

Over the years, the guideline value for Lalitha Nagar has seen several revisions. The 2007 revision set the value at Rs 245 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2012 revision. However, in the 2017 revision, the value dropped to Rs 804 per sq.ft, before rising again to Rs 1,200 per sq.ft in both the 2023 and 2024 revisions. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%, while from 2012 to 2017, it decreased by 33%. The substantial rise from 2007 to 2012 was 390%, and overall, from 2007 to 2024, the increase is also 390%.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft, with a median value of Rs 1,200 per sq.ft. Lalitha Nagar's 2024 figure aligns with this median.

• Lalitha Traders: Rs 1,200 per sq.ft (2024)
• Madhu Nagar: Rs 1,200 per sq.ft (2024)
• Krishna Nagar: Rs 1,200 per sq.ft (2024)
• Karthik Nagar Extn-VI: Rs 1,200 per sq.ft (2024)
• Karthik Nagar Extn-V: Rs 1,200 per sq.ft (2024)
• Karthik Nagar Extn-IV: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lalitha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, totaling Rs 1,08,000. Duty is charged on the higher of the guideline value or the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lalitha Nagar?

The Sub Registrar Office that covers Lalitha Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps to standardize the transaction process. It ensures that both parties are aware of the government-assessed value of the property, which plays a significant role in the legal documentation and transfer of ownership.

Frequently asked questions

What is the current guideline value of Lalitha Nagar?

The current guideline value of Lalitha Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various revisions, with the most recent being Rs 1,200 per sq.ft in both 2023 and 2024. It was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification for Lalitha Nagar?

Lalitha Nagar is classified as Commercial Special Type - I, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for property in Lalitha Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,08,000.

Where is the Sub Registrar Office for Lalitha Nagar located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.