Guideline Value for Lalitha Nagar

Lalitha Nagar guideline value

The current guideline value of Lalitha Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Lalitha Nagar has changed

Over the years, the guideline value of Lalitha Nagar has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was followed by a decrease to Rs 804 per sq.ft in 2017. From 2017 to 2023, the value increased significantly to Rs 1,200 per sq.ft, and in the latest 2024 revision, it rose to Rs 1,300 per sq.ft. The revisions for the years 2002, 2003, and 2007 have no figures recorded for this street.

Specifically, the changes between the revisions are notable. From 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023. The overall change from 2012 to 2024 reflects an increase of 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 as per the 2024 revision. The median value across these streets is Rs 1,600 per sq.ft, placing Lalitha Nagar's 2024 guideline value below this median.

• Lalitha Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Lalitha Garden (Ward-07): Rs 1,300 per sq.ft (2024)
• Lalitha Garden Roads (Ward No.7): 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 Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty is charged at 7%, resulting in Rs 91,000, and the registration fee at 2% amounts to Rs 26,000. Therefore, the total fees together would be 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.

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

Which Sub Registrar Office covers Lalitha Nagar?

The Lalitha Nagar area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that these costs are based on a standardized value rather than the negotiated sale price.

When a property is registered, the guideline value is assessed to calculate the applicable duties. This ensures transparency in property transactions and helps maintain a consistent framework for property valuation within the region.

Frequently asked questions

What is the current guideline value of Lalitha Nagar?

The current guideline value of Lalitha Nagar 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 from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Lalitha Nagar?

Lalitha Nagar is classified under Residential Class III Type - I as per the local regulations.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Lalitha Nagar?

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