Guideline Value for Lotus Nagar

Lotus Nagar guideline value

The current guideline value of Lotus Nagar, located in Kovilpathagai village under the Ambattur SRO, is Rs 803 per sq.ft. This value is effective from the 2024 revision, which will be implemented on 1 July 2024. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Lotus Nagar has changed

The guideline value for Lotus Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 400 per sq.ft, which increased to Rs 268 per sq.ft in the 2017 revision. Following this, the value saw a significant increase of 200% to reach Rs 803 per sq.ft in the 2023 revision, which has remained unchanged in the 2024 revision.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 101%.

Guideline values in Kovilpathagai

In Kovilpathagai, there are 278 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 803 to Rs 2,900 per sq.ft, with a median value of Rs 870 per sq.ft. The guideline value of Lotus Nagar is below this median.

• Magesh Nagar: Rs 803 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 803 per sq.ft (2024)
• Lakshmipathi Street: Rs 805 per sq.ft (2024)
• Mahalakshmi Street (Ashok Nagar): Rs 880 per sq.ft (2024)
• Malliga Nagar: Rs 990 per sq.ft (2024)
• Mamathu Street: Rs 805 per sq.ft (2024)

Stamp duty and registration fee for property in Lotus Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 803 per sq.ft, the total guideline value amounts to Rs 8,03,000. The stamp duty at 7% would be Rs 56,210, and the registration fee at 2% would be Rs 16,060, making the total fees together Rs 72,270. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lotus Nagar?

The Sub Registrar Office that covers Lotus Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Kovilpathagai. It is used to determine the stamp duty and registration fees that need to be paid during the property registration process. Buyers should be aware that the guideline value is set by the government and reflects the minimum value at which properties in the area are assessed.

When registering a property, 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 tax revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lotus Nagar?

The current guideline value of Lotus Nagar is Rs 803 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then increased to Rs 803 per sq.ft in 2023 and has remained the same in 2024.

What is the land classification for Lotus Nagar?

Lotus Nagar is classified as Residential Class IV Type - I according to the land classification standards.

Where can I find the Sub Registrar Office for Lotus Nagar?

The Sub Registrar Office for Lotus Nagar is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for properties in Lotus Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 72,270, including stamp duty and registration fees.