Guideline Value for L.R.D.AVENUE

L.R.D.Avenue guideline value

The current guideline value of L.R.D.Avenue in Seevaram village, under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of L.R.D.Avenue has changed

The guideline value for L.R.D.Avenue has seen significant changes over the years. In 2002, the value was Rs 109 per sq.ft, which increased to Rs 150 per sq.ft in 2003, marking a 38% rise. The value then jumped to Rs 400 per sq.ft in 2007, reflecting a 167% increase. By 2012, the value reached Rs 2,000 per sq.ft, a substantial increase of 400% from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, which was a decline of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, followed by a further increase to Rs 2,200 per sq.ft in 2024, representing a 10% change.

Overall, from 2002 to 2024, the guideline value has increased by 1918%. There are no figures for revisions in years other than those listed.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median value is Rs 2,800 per sq.ft, making the current value of L.R.D.Avenue below this median.

• Maha Kavi Bharathi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Maha Kavi Bharathi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,200 per sq.ft (2024)
• Manikodi Srinivasan Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 3rd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in L.R.D.Avenue

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers L.R.D.Avenue?

The Sub Registrar Office covering L.R.D.Avenue is 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 SRO, visit find your SRO.

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

The guideline value is a critical factor in the registration process when buying or selling property in Seevaram. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the higher of the guideline value or the sale price.

When a property transaction occurs, the guideline value ensures that the government receives appropriate revenue through stamp duty. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of L.R.D.Avenue?

The current guideline value of L.R.D.Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 109 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1918% over the years.

What is the land classification for L.R.D.Avenue?

L.R.D.Avenue is classified as Residential Class II Type - II, which indicates its use for residential purposes.

What are the stamp duty and registration fees for property in L.R.D.Avenue?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for L.R.D.Avenue located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.