Guideline Value for Lenin Cross Street

Lenin Cross Street guideline value

The current guideline value of Lenin Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - III.

How the guideline value of Lenin Cross Street has changed

Over the years, the guideline value of Lenin Cross Street has undergone several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision, marking a decrease of 33%. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision has further raised it to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 1,500 per sq.ft. Overall, from the 2012 to the 2024 revision, the guideline value has seen a modest increase of 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value. The values range from Rs 1,100 to Rs 8,800 per sq.ft, with the median value being Rs 1,650 per sq.ft, which aligns with the current value of Lenin Cross Street.

• Lenin Street: Rs 3,300 per sq.ft (2024)
• L.I.C. Colony: Rs 1,650 per sq.ft (2024)
• Lalbagadur Sastri Street: Rs 1,650 per sq.ft (2024)
• Lolpagathur sarashvathiri street: Rs 1,650 per sq.ft (2024)
• Lord venkateshvara nagar: Rs 1,650 per sq.ft (2024)
• Lottus Avenue: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Lenin Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Therefore, the total cost for stamp duty and registration would be Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lenin Cross Street?

The Sub Registrar Office that covers Lenin Cross Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

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

When buying or selling property, the guideline value is assessed to calculate the applicable stamp duty and registration fees, which are mandatory for legal documentation. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Lenin Cross Street?

The current guideline value of Lenin Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What are the other streets with similar guideline values in Chitlapakkam?

Other streets in Chitlapakkam with a guideline value of Rs 1,650 per sq.ft include L.I.C. Colony, Lalbagadur Sastri Street, Lolpagathur sarashvathiri street, Lord venkateshvara nagar, and Lottus Avenue.

What is the stamp duty on property in Lenin Cross Street?

The stamp duty on property in Lenin Cross Street is calculated at 7% of the guideline value. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.

Where can I find the Sub Registrar Office for Lenin Cross Street?

The Sub Registrar Office for Lenin Cross Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.