Guideline Value for L.N.SHARMA SCHOOL

L.N.Sharma School guideline value

The current guideline value for L.N.Sharma School in Karapakkam village, under the Neelankarai SRO, is Rs 1,000 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class IV Type - II land classification.

How the guideline value of L.N.Sharma School has changed

The guideline value for L.N.Sharma School has undergone several revisions since 2012. In 2012, the guideline value was Rs 750 per sq.ft, which decreased to Rs 502 per sq.ft in 2017. Following this, the value saw a significant increase, reaching Rs 1,000 per sq.ft in both the 2023 and 2024 revisions, indicating a 99% increase from 2017 to 2023 and a 0% change from 2023 to 2024. The register has no figure for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 33%. The consistent value of Rs 1,000 per sq.ft in the last two revisions reflects stability in the recent market conditions for this area.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median guideline value for these streets is Rs 1,700 per sq.ft, indicating that the guideline value for L.N.Sharma School is below this median.

• L.V.1st STREET: Rs 1,000 per sq.ft (2024)
• L.V.2nd STREET: Rs 1,000 per sq.ft (2024)
• Lalitha Garden: Rs 1,100 per sq.ft (2024)
• Madhurai Street: Rs 1,100 per sq.ft (2024)
• Lakshmi Vinayagar Street: Rs 1,700 per sq.ft (2024)
• Lakshmi Vinayagar Koil Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in L.N.Sharma School

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value would be Rs 10,00,000. The stamp duty at 7% would amount to Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total fees together to Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers L.N.Sharma School?

The L.N.Sharma School is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in determining the stamp duty and registration fees when buying or selling property in Karapakkam. It serves as a benchmark for the government to assess the value of the property for tax purposes, ensuring that the transaction is recorded accurately.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value for L.N.Sharma School?

The current guideline value for L.N.Sharma School is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2012 to Rs 502 per sq.ft in 2017, then increased to Rs 1,000 per sq.ft in both 2023 and 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000 and the registration fee would be Rs 20,000, totaling Rs 90,000.

Which office handles property registration for L.N.Sharma School?

The Neelankarai Sub Registrar Office handles property registration for L.N.Sharma School, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for L.N.Sharma School?

L.N.Sharma School is classified under Residential Class IV Type - II land classification.