Guideline Value for Lasar Nagar 1st Street

Lasar Nagar 1st Street guideline value

The current guideline value of Lasar Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, and it falls under the Residential Class II Type - II land classification.

How the guideline value of Lasar Nagar 1st Street has changed

The guideline value for Lasar Nagar 1st Street has undergone several revisions over the years. In 2002, the guideline value was Rs 236 per sq.ft. This increased to Rs 269 per sq.ft in 2003, marking a 14% rise. Following this, the value saw a significant jump to Rs 650 per sq.ft in 2007, which was an increase of 142%. The value then rose dramatically to Rs 2,500 per sq.ft in 2012, reflecting a 285% increase. However, from 2012 to 2017, the value decreased by 33% to Rs 1,675 per sq.ft. The value then increased to Rs 2,500 per sq.ft in 2023, followed by a further rise to Rs 2,800 per sq.ft in 2024, which is a 12% increase.

Overall, from 2002 to 2024, the guideline value has seen an increase of 1086%. There are no figures available for the revisions in years other than those specified.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, making the current value of Lasar Nagar 1st Street below this median.

• Lasar Ist Street: Rs 2,800 per sq.ft (2024)
• Lasar Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• Lasar 4th Street: Rs 2,800 per sq.ft (2024)
• Lasar 3rd Street: Rs 2,800 per sq.ft (2024)
• Lasar 2nd Street: Rs 2,800 per sq.ft (2024)
• Lakshmi Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Lasar Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty, charged at 7%, would be Rs 1,96,000, while the registration fee at 2% would be Rs 56,000, leading to a total of Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lasar Nagar 1st Street?

The Sub Registrar Office that covers Lasar Nagar 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is legally compliant.

This value is particularly important for both buyers and sellers, as it helps in understanding the financial implications of the transaction. It is advisable to consult the guideline value register to ensure accurate calculations and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Lasar Nagar 1st Street?

The current guideline value of Lasar Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 236 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting a significant increase of 1086% over the years.

What is the land classification for Lasar Nagar 1st Street?

Lasar Nagar 1st Street falls under the Residential Class II Type - II land classification.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles the registration of properties in Lasar Nagar 1st Street?

The Alandur Sub Registrar Office handles the registration of properties in Lasar Nagar 1st Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.