Guideline Value for L.V. PRASAD ROAD

L.V. Prasad Road guideline value

The current guideline value of L.V. Prasad Road is Rs 1,650 per sq.ft, effective from 1 July 2024. This road is located in Manapakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of L.V. Prasad Road has changed

The guideline value for L.V. Prasad Road has seen several revisions over the years. In the 2002 revision, the value was Rs 78 per sq.ft, which increased to Rs 87 per sq.ft in 2003. The following revision in 2007 saw a significant jump to Rs 400 per sq.ft. The 2012 revision recorded a guideline value of Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. The value rose again to Rs 1,500 per sq.ft in 2023, and the most recent revision in 2024 has set the guideline value at Rs 1,650 per sq.ft.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024, and there was a 49% increase from 2017 to 2023. The value decreased by 33% from 2012 to 2017, while it rose by 275% from 2007 to 2012. The 2003 to 2007 revision saw a substantial increase of 360%, and the 2002 to 2003 revision had a 12% increase. Overall, from 2002 to 2024, the guideline value has increased by 2015%.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, placing L.V. Prasad Road's 2024 figure below that median.

• Macro Marval 1st Left Cross Street: Rs 3,300 per sq.ft (2024)
• Macro Marval 2nd Left Cross Street: Rs 3,300 per sq.ft (2024)
• Macro Marval 2nd Right Cross Street: Rs 2,420 per sq.ft (2024)
• L & T Colony 2nd Main Road: Rs 2,530 per sq.ft (2024)
• Macro Marval 3rd Left Cross Street: Rs 3,300 per sq.ft (2024)
• L & T Colony 2nd Cross Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in L.V. Prasad Road

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total Rs 1,48,500. 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.V. Prasad Road?

The Sub Registrar Office covering L.V. Prasad Road 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 Manapakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Manapakkam. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transfers.

When a property is sold, the guideline value serves as a benchmark for calculating these fees, which are based on the higher of the guideline value or the sale price. This ensures transparency and fairness in the registration process.

Frequently asked questions

What is the current guideline value of L.V. Prasad Road?

The current guideline value of L.V. Prasad Road is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 78 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, showing a significant overall increase of 2015%.

What are the stamp duty and registration fees for properties on L.V. Prasad Road?

For a 1,000 sq.ft property, the total stamp duty and registration fees would amount to Rs 1,48,500, based on the current guideline value.

Where can I find the Sub Registrar Office for L.V. Prasad Road?

The Sub Registrar Office for L.V. Prasad Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How does the guideline value affect property transactions in Manapakkam?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the fees are calculated based on the higher of the guideline value or the sale price, contributing to transparency in the registration process.