Guideline Value for SHRI LALITHA NAGAR

Shri Lalitha Nagar guideline value

The current guideline value of Shri Lalitha Nagar in Vanagaram village is Rs 1,320 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of Shri Lalitha Nagar has changed

The guideline value of Shri Lalitha Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 101 per sq.ft, which increased to Rs 116 per sq.ft in 2003. Following that, there was a significant rise to Rs 500 per sq.ft in 2007, and then it further increased to Rs 1,200 per sq.ft in 2012. However, in the 2017 revision, the value decreased to Rs 804 per sq.ft. The 2023 revision saw an increase to Rs 1,200 per sq.ft, and the latest revision in 2024 has set the value at Rs 1,320 per sq.ft.

The changes between these revisions show a notable increase overall. From 2002 to 2024, the guideline value has risen by 1,207%. The most significant jump occurred from 2003 to 2007, with an increase of 331%. The latest change from 2023 to 2024 reflects a 10% increase.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, making the guideline value of Shri Lalitha Nagar below that median.

• Shri Ramasamy Nagar: Rs 1,320 per sq.ft (2024)
• Shri Kamatchiamman Nagar: Rs 1,320 per sq.ft (2024)
• Shri Ganapathy Nagar Annex & Shri Ganapathy Nagar: Rs 1,100 per sq.ft (2024)
• Shri Balaji Nagar: Rs 1,100 per sq.ft (2024)
• Shri Andal Nagar Annex: Rs 1,660 per sq.ft (2024)
• Shameer Sulthan Inam Maniyam Land: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Shri Lalitha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, while the registration fee at 2% would be Rs 26,400. Therefore, the total cost for stamp duty and registration fees together would be Rs 1,18,800. 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 Shri Lalitha Nagar?

The Sub Registrar Office that covers Shri Lalitha Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vanagaram. It serves as a baseline for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with the legal requirements. This helps in avoiding any discrepancies during the registration process and ensures that all financial obligations are met according to the current regulations.

Frequently asked questions

What is the current guideline value of Shri Lalitha Nagar?

The current guideline value of Shri Lalitha Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 101 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,207% over this period.

What is the classification of land in Shri Lalitha Nagar?

Shri Lalitha Nagar is classified as Residential Class IV Type - II according to the Chennai South Joint I SRO guidelines.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,18,800.

Where is the Sub Registrar Office for Shri Lalitha Nagar located?

The Sub Registrar Office for Shri Lalitha Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.