Guideline Value for Leelavathy Nagar

Leelavathy Nagar guideline value

The current guideline value of Leelavathy Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Leelavathy Nagar has changed

Over the years, the guideline value of Leelavathy Nagar has seen several revisions. The 2007 revision set the value at Rs 450 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012, marking a 500% increase. However, the value decreased to Rs 1,809 per sq.ft in the 2017 revision, reflecting a 33% drop. In 2023, the value rose again to Rs 2,700 per sq.ft, and the most recent revision in 2024 has set it at Rs 2,900 per sq.ft, representing a 7% increase from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, since the 2007 revision, the guideline value has risen by 544% up to the current figure in 2024. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Leelavathy Nagar is above this median, reflecting its higher valuation.

• Leela Street: Rs 950 per sq.ft (2024)
• Leela Colony: Rs 2,900 per sq.ft (2024)
• LIC Colony: Rs 2,200 per sq.ft (2024)
• Lalbagadur Sastri Street: Rs 950 per sq.ft (2024)
• Madambakkam Camp Road: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar Ext: Rs 3,750 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 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty, charged at 7%, would be Rs 2,03,000, while the registration fee at 2% would be Rs 58,000, bringing the total cost for these fees to Rs 2,61,000. 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 accurate calculations based on your specific property details.

Which Sub Registrar Office covers Leelavathy Nagar?

The Sub Registrar Office that covers Leelavathy Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Selaiyur. It is used to determine the minimum value at which a property can be registered. This ensures that the property is sold at a fair price, reflecting the current market conditions and local regulations.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process ensures that all transactions are documented and that the government receives the appropriate taxes from property sales.

Frequently asked questions

What is the current guideline value of Leelavathy Nagar?

The current guideline value of Leelavathy Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, showing an overall increase of 544% over this period.

What is the land classification of Leelavathy Nagar?

Leelavathy Nagar is classified as Residential Special Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in Leelavathy Nagar?

For a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 and the registration fee would be Rs 58,000, totaling Rs 2,61,000.

Where is the Sub Registrar Office for Leelavathy Nagar located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.