Guideline Value for Lilly Nagar

Lilly Nagar guideline value

The current guideline value of Lilly Nagar, located in Vengambakkam village under the Tambaram Joint 1 SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - IV.

How the guideline value of Lilly Nagar has changed

The guideline value for Lilly Nagar has seen several revisions over the years. In 2012, the value was set at Rs 1,000 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 670 per sq.ft. However, the value rebounded in 2023 to Rs 1,000 per sq.ft and increased further to Rs 1,100 per sq.ft in the 2024 revision, marking a 10% rise from the previous year.

From 2017 to 2023, the guideline value increased significantly by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 5,000 per sq.ft. The median value for these streets is Rs 770 per sq.ft, placing Lilly Nagar's 2024 value above this median.

• Mahatma Gandhi Cross Street: Rs 440 per sq.ft (2024)
• Mahatma Gandhi Street: Rs 440 per sq.ft (2024)
• Mahatma Gandhi Street ( Continued ): Rs 440 per sq.ft (2024)
• Krishna Nagar: Rs 1,160 per sq.ft (2024)
• K.K. Nagar: Rs 3,300 per sq.ft (2024)
• Mayana Salai: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Lilly Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees to Rs 99,000. 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 further calculations.

Which Sub Registrar Office covers Lilly Nagar?

The Sub Registrar Office that covers Lilly Nagar 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 Vengambakkam

The guideline value is an essential factor in the registration process when buying or selling property in Vengambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lilly Nagar?

The current guideline value of Lilly Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Lilly Nagar?

The land classification for Lilly Nagar is Residential Special Type - IV.

What are the stamp duty and registration fees for property in Lilly Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 11,00,000, the total fees would amount to Rs 99,000.

Which office handles property registrations for Lilly Nagar?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for Lilly Nagar, located at No.26, Mes Road, East Tambaram, Chennai-600059.