Guideline Value for Sri Lalitha Garden

Sri Lalitha Garden guideline value

The current guideline value of Sri Lalitha Garden is Rs 1,300 per sq.ft, effective from 1 July 2024. This locality is situated in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Sri Lalitha Garden has changed

The guideline value for Sri Lalitha Garden has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 1,200 per sq.ft. This was followed by a decrease in 2017 to Rs 804 per sq.ft, marking a decline of 33%. In 2023, the value increased to Rs 1,200 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has seen a slight increase of 8%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing the 2024 figure for Sri Lalitha Garden below this median.

• Sri Lalitha Nagar: Rs 1,300 per sq.ft (2024)
• Sri Logambal Nagar: Rs 1,300 per sq.ft (2024)
• Sri Logambal Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sri Nagar: Rs 1,600 per sq.ft (2024)
• Srikrishna Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Sri Krishna Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lalitha Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Lalitha Garden?

The Sub Registrar Office that covers Sri Lalitha Garden 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 an essential factor in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Sri Lalitha Garden?

The current guideline value of Sri Lalitha Garden is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the stamp duty for property in Sri Lalitha Garden?

The stamp duty for property in Sri Lalitha Garden is calculated at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Sri Lalitha Garden located?

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

What is the land classification of Sri Lalitha Garden?

Sri Lalitha Garden is classified as Residential Class III Type - I under the guideline value register.