Guideline Value for Lalithambal Street

Lalithambal Street guideline value

The current guideline value of Lalithambal Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - II.

How the guideline value of Lalithambal Street has changed

The guideline value for Lalithambal Street has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 1,500 per sq.ft. This was an increase from the previous figure, which was not available for the earlier years. The most recent revision in 2024 saw the guideline value rise to Rs 1,650 per sq.ft, marking a 10% increase from the 2023 figure.

To summarize the changes: from 2023 to 2024, the guideline value increased from Rs 1,500 to Rs 1,650 per sq.ft. The previous revisions do not provide any figures for Lalithambal Street, indicating a lack of recorded values in those years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Lalithambal Street's 2024 figure below the median.

• Lalithambal Street/Karthikeyapuram 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Street: Rs 2,200 per sq.ft (2024)
• Leela Vathi Ammal Street: Rs 2,200 per sq.ft (2024)
• L.G. Nagar: Rs 2,200 per sq.ft (2024)
• L.G. Nagar Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lalithambal Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lalithambal Street?

The Sub Registrar Office that covers Lalithambal Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial aspect when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared with the sale price. The higher of the two figures is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

Frequently asked questions

What is the current guideline value of Lalithambal Street?

The current guideline value of Lalithambal Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Lalithambal Street has seen revisions in 2023 and 2024, with the value increasing from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024. There are no recorded figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Lalithambal Street?

The land classification for Lalithambal Street is Residential Class II Type - II, indicating its designated use for residential purposes.

What are the stamp duty rates applicable in Madipakkam-1?

The stamp duty rate applicable in Madipakkam-1 is 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% based on the same criteria.

Where is the Sub Registrar Office for Lalithambal Street located?

The Sub Registrar Office covering Lalithambal Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles all registrations for properties in the area.