Guideline Value for Lottus Avenue

Lottus Avenue guideline value

The current guideline value of Lottus Avenue, located in Chitlapakkam village under the Tambaram Joint 1 SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class I Type - III land classification.

How the guideline value of Lottus Avenue has changed

Over the years, the guideline value of Lottus Avenue has seen 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 2017. However, from 2017 to the 2023 revision, the value increased significantly to Rs 1,500 per sq.ft, representing a 49% rise. The latest revision in 2024 has further increased the value to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Lottus Avenue. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current guideline value of Lottus Avenue.

• Lord venkateshvara nagar: Rs 1,650 per sq.ft (2024)
• Lolpagathur sarashvathiri street: Rs 1,650 per sq.ft (2024)
• L.I.C. Colony: Rs 1,650 per sq.ft (2024)
• Lenin Street: Rs 3,300 per sq.ft (2024)
• Lenin Cross Street: Rs 1,650 per sq.ft (2024)
• Madhavan St: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Lottus Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total fees Rs 1,48,500. 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 more details.

Which Sub Registrar Office covers Lottus Avenue?

The Sub Registrar Office that covers Lottus Avenue 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 is a crucial factor when buying or selling property in Chitlapakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are payable during the transaction.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any legal issues during registration. The authorities will assess the property based on the guideline value to ensure compliance with the regulations.

Frequently asked questions

What is the current guideline value of Lottus Avenue?

The current guideline value of Lottus Avenue 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 to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What are the stamp duty and registration fees for Lottus Avenue?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty is Rs 1,15,500 and the registration fee is Rs 33,000, totaling Rs 1,48,500.

Which office handles the registration for Lottus Avenue?

The Tambaram Joint 1 Sub Registrar Office handles the registration for Lottus Avenue, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the minimum registration value for properties, affecting the stamp duty and registration fees during a sale or purchase.