Guideline Value for Sri Lalitha Nagar

Sri Lalitha Nagar guideline value

The current guideline value of Sri Lalitha Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Sri Lalitha Nagar has changed

Over the years, the guideline value of Sri Lalitha Nagar has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value back to Rs 1,200 per sq.ft, and the current 2024 revision has further raised it to Rs 1,300 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

The changes between these revisions are significant. From 2017 to 2023, there was a notable increase of 49%. The value then increased by 8% from 2023 to 2024. Overall, comparing the 2012 and 2024 revisions, there has been an increase of 8% in the guideline value.

Guideline values in Madhavaram

In Madhavaram, there are a total of 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 in the area is Rs 1,600 per sq.ft, placing the 2024 figure for Sri Lalitha Nagar below this median.

• Sri Lalitha Garden: 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 Nagar

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

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Lalitha Nagar?

The Sub Registrar Office that covers Sri Lalitha Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, if the sale price is higher than the guideline value, the stamp duty will be charged based on the sale price. Conversely, if the sale price is lower, the duty will be calculated on the guideline value, which acts as a safeguard for the government against undervaluation of properties.

Frequently asked questions

What is the current guideline value of Sri Lalitha Nagar?

The current guideline value of Sri Lalitha Nagar 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 land classification for Sri Lalitha Nagar?

Sri Lalitha Nagar is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

What are the stamp duty rates for property in Sri Lalitha Nagar?

The stamp duty rate for property in Sri Lalitha Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.