Guideline Value for Lotus Colony (Ward-11)

Lotus Colony (Ward-11) guideline value

The current guideline value of Lotus Colony (Ward-11) is Rs 3,000 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Commercial Class I Type - II.

How the guideline value of Lotus Colony (Ward-11) has changed

The guideline value for Lotus Colony (Ward-11) has seen several revisions over the years. The 2012 revision set the value at Rs 2,800 per sq.ft, which was then reduced to Rs 1,876 per sq.ft in the 2017 revision, marking a decrease of 33%. Following this, the 2023 revision increased the value to Rs 2,800 per sq.ft, and the most recent 2024 revision raised it further to Rs 3,000 per sq.ft, reflecting a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Lotus Colony (Ward-11) above this median with its current guideline value of Rs 3,000 per sq.ft.

• Lotus Colony 1st St (Ward-11): Rs 3,000 per sq.ft (2024)
• Lotus Colony 2nd St (Ward-11): Rs 3,000 per sq.ft (2024)
• Lotus Colony 3rd St (Ward-11): Rs 3,000 per sq.ft (2024)
• Logammal Nagar (Ward-08): Rs 1,300 per sq.ft (2024)
• Macedis Colony ( Ward No.18 ): Rs 2,200 per sq.ft (2024)
• L.N.P. Koil St (Ward-28): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lotus Colony (Ward-11)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,000 per sq.ft, the total guideline value amounts to Rs 30,00,000. The stamp duty at 7% would be Rs 2,10,000, and the registration fee at 2% would be Rs 60,000, bringing the total to Rs 2,70,000. 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 more detailed calculations.

Which Sub Registrar Office covers Lotus Colony (Ward-11)?

The Sub Registrar Office that covers Lotus Colony (Ward-11) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madhavaram. It serves as a reference point for determining the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the applicable fees, which can significantly impact the total cost of the transaction. It is essential to check the latest guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lotus Colony (Ward-11)?

The current guideline value of Lotus Colony (Ward-11) is Rs 3,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,000 per sq.ft in 2024.

What is the land classification for Lotus Colony (Ward-11)?

The land classification for Lotus Colony (Ward-11) is Commercial Class I Type - II.

How does the guideline value compare to other streets in Madhavaram?

The guideline value of Rs 3,000 per sq.ft for Lotus Colony (Ward-11) is above the median value of Rs 1,600 per sq.ft for other streets in Madhavaram.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.