Guideline Value for Lambard Nagar

Lambard Nagar guideline value

The current guideline value for Lambard Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under Kodambakkam village and is classified as Residential Class V Type - I, governed by the Ashok Nagar SRO.

How the guideline value of Lambard Nagar has changed

The guideline value for Lambard Nagar has seen several revisions over the years. The oldest recorded revision is from 2007, where the value was Rs 620 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a 223% rise. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, representing a 33% decline. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is a 64% increase from the 2017 figure. Overall, from 2007 to 2024, the guideline value has increased by 255%.

It is important to note that there are no recorded figures for the years 2023, 2003, and 2002 for this street. The changes reflect the fluctuations in property values over time, with significant increases and decreases at different intervals.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Lambard Nagar's 2024 figure below the median.

• Lal Bagadur Sasthri Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Street Block 61: Rs 5,500 per sq.ft (2024)
• LIC Colony: Rs 7,000 per sq.ft (2024)
• LIC Oozliyar, Kudiyiruppu: Rs 7,000 per sq.ft (2024)
• Lord Mount Pattern Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Ammal Street Block 80: Rs 4,100 per sq.ft (2024)

Stamp duty and registration fee for property in Lambard Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is essential 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 Lambard Nagar?

The Sub Registrar Office that covers Lambard Nagar is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Kodambakkam. It is the benchmark used to determine the minimum value of the property for registration purposes. Buyers and sellers must consider this value as it affects the stamp duty and registration fees applicable during the transaction.

When a property is registered, the guideline value is the basis for calculating the stamp duty, which is a legal requirement. Therefore, understanding the guideline value is essential for anyone looking to engage in real estate transactions within the area.

Frequently asked questions

What is the current guideline value of Lambard Nagar?

The current guideline value of Lambard Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 620 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking a total increase of 255% over the years.

What is the land classification of Lambard Nagar?

Lambard Nagar is classified as Residential Class V Type - I, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Lambard Nagar?

The Ashok Nagar Sub Registrar Office covers Lambard Nagar and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This means that understanding the guideline value is essential for determining the applicable fees during property transactions.