Guideline Value for Lalitha Nagar

Lalitha Nagar guideline value

The current guideline value of Lalitha Nagar, located in Madanandapuram village under the Kunrathur SRO, is Rs 3,520 per sq.ft. This value is effective from 1 July 2024 and falls under the land classification of Residential Special Type - II.

How the guideline value of Lalitha Nagar has changed

The guideline value of Lalitha Nagar has seen several revisions over the years. In the 2007 revision, the value was Rs 1,010 per sq.ft. This increased significantly to Rs 3,200 per sq.ft in the 2012 revision, marking a 217% increase. However, the value then decreased to Rs 2,144 per sq.ft in the 2017 revision, reflecting a decline of 33%. The 2023 revision saw a substantial rise to Rs 3,200 per sq.ft, which was a 49% increase from the previous figure. Finally, in the 2024 revision, the guideline value rose again to Rs 3,520 per sq.ft, showing a 10% increase from 2023.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 249%.

Guideline values in Madanandapuram

Madanandapuram village has a total of 94 streets under the Kunrathur SRO, with the 2024 guideline values ranging from Rs 2,530 to Rs 5,830 per sq.ft. The current guideline value of Rs 3,520 per sq.ft for Lalitha Nagar is equal to the median value for the village.

• Madha Nagar: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension I: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension II: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension III: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension IV: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension V: Rs 3,960 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 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty, charged at 7%, would be Rs 2,46,400, while the registration fee at 2% would be Rs 70,400. In total, the costs would amount to Rs 3,16,800. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lalitha Nagar?

The Lalitha Nagar area 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 Madanandapuram

The guideline value is a crucial factor in property transactions in Madanandapuram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

During the registration process, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lalitha Nagar?

The current guideline value of Lalitha Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 1,010 per sq.ft in 2007 and reaching Rs 3,520 per sq.ft in 2024, reflecting an overall increase of 249% over the years.

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

For a property valued at Rs 35,20,000, the stamp duty would be Rs 2,46,400 and the registration fee would be Rs 70,400, totaling Rs 3,16,800.

Which Sub Registrar Office handles registrations for Lalitha Nagar?

The Kunrathur Sub Registrar Office manages registrations for Lalitha Nagar, located at No.59, Road Street, Kundrathur, Chennai - 600 069.

What is the land classification for Lalitha Nagar?

Lalitha Nagar is classified as Residential Special Type - II, which indicates its intended use for residential purposes.