Guideline Value for Lord Mount Pattern Street

Lord Mount Pattern Street guideline value

The current guideline value of Lord Mount Pattern Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Lord Mount Pattern Street has changed

The guideline value for Lord Mount Pattern Street has seen several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 800 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a rise of 275%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33%. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting an increase of 64% from the 2017 figure.

It is important to note that the register has no figures for the years 2023, 2003, and 2002 for this street. Overall, from 2007 to 2024, the guideline value has increased by 313%.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Lord Mount Pattern Street's 2024 figure below that median.

• LIC Oozliyar, Kudiyiruppu: Rs 7,000 per sq.ft (2024)
• LIC Colony: Rs 7,000 per sq.ft (2024)
• Lambard Nagar: Rs 2,200 per sq.ft (2024)
• Lal Bagadur Sasthri Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Street Block 61: Rs 5,500 per sq.ft (2024)
• Mahadeva Ayyar Street Block 43,44,35,45: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lord Mount Pattern Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lord Mount Pattern Street?

The Sub Registrar Office that covers Lord Mount Pattern Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions as it determines the amount of stamp duty and registration fees payable during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations and to accurately calculate the costs involved in the transaction.

When registering a property, the guideline value serves as a benchmark for the transaction price. If the sale price is higher than the guideline value, the duty is charged on the sale price instead, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lord Mount Pattern Street?

The current guideline value of Lord Mount Pattern Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 313% over the years.

What is the land classification for Lord Mount Pattern Street?

The land classification for Lord Mount Pattern Street is Residential Class IV Type - II.

Where is the Ashok Nagar Sub Registrar Office located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for property in Lord Mount Pattern Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.