Guideline Value for Leelavathy Nagar

Leelavathy Nagar guideline value

The current guideline value of Leelavathy Nagar, located in Kerugambakkam village under the Pammal SRO, is Rs 1,980 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Leelavathy Nagar has changed

The guideline value for Leelavathy Nagar has undergone several revisions over the years. The 2017 revision set the value at Rs 1,206 per sq.ft. This was followed by a significant increase in the 2023 revision, which raised the value to Rs 1,800 per sq.ft, marking a 49% increase from the previous revision. The most recent revision in 2024 has further increased the value by 10%, bringing it to Rs 1,980 per sq.ft.

Between 2017 and 2024, the overall increase in the guideline value is 64%. It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kerugambakkam

In Kerugambakkam, there are 144 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 4,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, indicating that Leelavathy Nagar's 2024 figure is below this median.

• Lendi Garden: Rs 1,980 per sq.ft (2024)
• Lakshmi Nagar (ward 6): Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar (ward 5): Rs 2,200 per sq.ft (2024)
• Maansarovar Nagar: Rs 3,450 per sq.ft (2024)
• Madha Town Extension - I: Rs 3,850 per sq.ft (2024)
• Madha Town Extn: Rs 2,860 per sq.ft (2024)

Stamp duty and registration fee for property in Leelavathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, making the total cost for these fees Rs 1,78,200. It is important to note that duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Leelavathy Nagar?

The Sub Registrar Office that covers Leelavathy Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Kerugambakkam. When you buy or sell property, the guideline value is used as a basis for calculating the stamp duty and registration fees. It ensures that the transaction is recorded at a value that reflects the official rates set by the Registration Department.

Additionally, the guideline value serves as a reference point for both buyers and sellers during negotiations. It helps in determining the fair value of the property, ensuring transparency in the transaction process.

Frequently asked questions

What is the current guideline value of Leelavathy Nagar?

The current guideline value of Leelavathy Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,206 per sq.ft in 2017 to Rs 1,800 per sq.ft in 2023, and then to Rs 1,980 per sq.ft in 2024. This represents a 64% increase overall from 2017 to 2024.

What is the stamp duty for property in Leelavathy Nagar?

The stamp duty for property in Leelavathy Nagar is calculated at 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600.

Where is the Sub Registrar Office for Leelavathy Nagar located?

The Sub Registrar Office for Leelavathy Nagar is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.

What is the land classification for Leelavathy Nagar?

Leelavathy Nagar falls under the Residential Class II Type - II land classification as per the guidelines set by the Registration Department.