Guideline Value for Latheef Nagar

Latheef Nagar guideline value

The current guideline value of Latheef Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village under the Padappai Sub Registrar Office (SRO). The land classification for this locality is Residential Class III Type - I.

How the guideline value of Latheef Nagar has changed

The guideline value for Latheef Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 900 per sq.ft, which then decreased to Rs 603 per sq.ft in 2017. Following this, the value increased significantly to Rs 900 per sq.ft in 2023, and then to Rs 990 per sq.ft in 2024, marking a change of +10% from the previous year.

From 2017 to 2023, the guideline value increased by +49%. Overall, from the 2012 revision to the current 2024 figure, there has been a +10% change. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, indicating that Latheef Nagar's current guideline value is below this median.

• Leda: Rs 990 per sq.ft (2024)
• LakshmiNarayana Avenue: Rs 990 per sq.ft (2024)
• M.A Avenue Main Road: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar Extention: Rs 3,300 per sq.ft (2024)
• Lakshmi Nagar Extension III: Rs 1,980 per sq.ft (2024)
• Madhanapuram: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Latheef Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, making the total fees together Rs 89,100. 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 details.

Which Sub Registrar Office covers Latheef Nagar?

The Sub Registrar Office that covers Latheef Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Varadarajapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This ensures transparency and fairness in property dealings, as the guideline value is set based on various factors, including location and land classification.

Frequently asked questions

What is the current guideline value of Latheef Nagar?

The current guideline value of Latheef Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification of Latheef Nagar?

Latheef Nagar is classified as Residential Class III Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 89,100 in fees based on the current guideline value.

Where is the Sub Registrar Office for Latheef Nagar located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.