Guideline Value for Lampart Nagar 3rd Cross Street

Lampart Nagar 3rd Cross Street guideline value

The current guideline value of Lampart Nagar 3rd Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Lampart Nagar 3rd Cross Street has changed

The guideline value for Lampart Nagar 3rd Cross Street has seen several revisions over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 355%. However, between 2012 and 2017, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that 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, placing Lampart Nagar 3rd Cross Street above this median.

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

Stamp duty and registration fee for property in Lampart Nagar 3rd Cross Street

For a property of 1,000 sq.ft 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, bringing the total cost for these fees to Rs 4,95,000. It is important to note that 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 precise calculations.

Which Sub Registrar Office covers Lampart Nagar 3rd Cross Street?

The Sub Registrar Office that covers Lampart Nagar 3rd 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 information.

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

The guideline value is a crucial factor in the registration process of property transactions in Virugambakkam. When a property is bought or sold, the guideline value helps determine the stamp duty and registration fees that need to be paid at the time of registration.

It is important for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with property transactions. Ensuring compliance with these values is essential for a smooth registration process.

Frequently asked questions

What is the current guideline value of Lampart Nagar 3rd Cross Street?

The current guideline value of Lampart Nagar 3rd 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 the years.

What are the registration fees based on the guideline value?

The registration fees are calculated based on the guideline value, which for a property of 1,000 sq.ft at Rs 5,500 per sq.ft would total Rs 4,95,000 for both stamp duty and registration fees.

Where can I find the Sub Registrar Office for Lampart Nagar 3rd Cross Street?

The Sub Registrar Office for Lampart Nagar 3rd Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Lampart Nagar 3rd Cross Street?

Lampart Nagar 3rd Cross Street is classified as Residential Class II Type - I.