Guideline Value for Latha Street

Latha Street guideline value

The current guideline value of Latha Street in Velachery village, under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class II Type - II.

How the guideline value of Latha Street has changed

The guideline value for Latha Street has undergone several revisions over the years. In 2002, the value was Rs 276 per sq.ft, which increased significantly to Rs 1,042 per sq.ft in 2003, marking a change of +278%. The value continued to rise, reaching Rs 2,000 per sq.ft in 2007, a +92% increase from the previous revision. However, from 2007 to 2012, the value dropped to Rs 4,000 per sq.ft, reflecting a decrease of -33%. The 2017 revision saw a substantial increase to Rs 2,680 per sq.ft, a +49% change. The value further increased to Rs 4,000 per sq.ft in 2023, before the latest revision to Rs 4,400 per sq.ft in 2024, which is a +10% increase.

Overall, from 2002 to 2024, the guideline value has increased by +1494%. There are no figures available for the years not mentioned in this summary.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value among these streets is Rs 4,400 per sq.ft, which is equal to the guideline value of Latha Street.

• LIC Colony 100ft Road: Rs 13,200 per sq.ft (2024)
• LIC Colony 1st Main Road: Rs 13,200 per sq.ft (2024)
• LIC Colony 1st Street: Rs 5,500 per sq.ft (2024)
• LIC Colony 2nd Main Road: Rs 5,500 per sq.ft (2024)
• LIC Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• LIC Colony 3rd Main Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Latha Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total fees would be Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Latha Street?

The Sub Registrar Office that covers Latha Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the sale of property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is bought or sold, the guideline value is used to calculate the necessary fees, ensuring that both parties are aware of the financial obligations involved in the transaction. It is important to remain informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Latha Street?

The current guideline value of Latha Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 276 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of +1494%.

What is the land classification for Latha Street?

Latha Street is classified as Residential Class II Type - II, which is important for understanding its zoning and usage regulations.

Where can I find the Sub Registrar Office for Latha Street?

The Velacheri Sub Registrar Office covers Latha Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties on Latha Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.