Guideline Value for Lampart Nagar 2nd Cross Street

Lampart Nagar 2nd Cross Street guideline value

The current guideline value of Lampart Nagar 2nd Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Lampart Nagar 2nd Cross Street has changed

The guideline value for Lampart Nagar 2nd Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,100 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 355%. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, before reaching the current rate of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 400%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, and Lampart Nagar 2nd Cross Street's current value is above this median.

• Lampart Nagar 1st Main Road: Rs 5,500 per sq.ft (2024)
• Lampart Nagar 2nd Main Road: Rs 5,500 per sq.ft (2024)
• Lampart Nagar 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Lampart Nagar 3rd Cross Street: Rs 5,500 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Loganathan Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Lampart Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, together totaling Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers Lampart Nagar 2nd Cross Street?

The Sub Registrar Office that covers Lampart Nagar 2nd Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial component during the registration of property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is registered at a value that reflects the current market conditions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Lampart Nagar 2nd Cross Street?

The current guideline value of Lampart Nagar 2nd Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 400% over this period.

What were the guideline values in previous revisions?

The previous revisions show the following figures: Rs 5,000 per sq.ft in 2012, Rs 3,350 per sq.ft in 2017, and Rs 5,000 per sq.ft in 2023.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000.

Which office handles registrations for Lampart Nagar 2nd Cross Street?

The Virugambakkam Sub Registrar Office handles registrations for Lampart Nagar 2nd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.