Guideline Value for L.V.1st STREET

L.V.1st STREET guideline value

The current guideline value of L.V.1st STREET is Rs 1,000 per sq.ft, effective from 1 July 2024. This street is located in Karapakkam village under the Neelankarai SRO, classified as Residential Class IV Type - II.

How the guideline value of L.V.1st STREET has changed

Over the years, the guideline value of L.V.1st STREET has undergone several revisions. In 2007, the guideline value was Rs 400 per sq.ft, which increased to Rs 750 per sq.ft in 2012, marking an increase of 88%. However, from 2012 to 2017, the value decreased to Rs 502 per sq.ft, a drop of 33%. The subsequent revision in 2023 maintained the value at Rs 1,000 per sq.ft, reflecting a significant increase of 99% from 2017.

The latest revision in 2024 also kept the guideline value at Rs 1,000 per sq.ft, indicating no change from the previous year. The register has no figures for the years 2002 and 2003 for this street.

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, with a median value of Rs 1,700 per sq.ft. L.V.1st STREET's 2024 guideline value is below this median.

• L.V.2nd STREET: Rs 1,000 per sq.ft (2024)
• L.N. Sharma School: Rs 1,000 per sq.ft (2024)
• Madhurai Street: Rs 1,100 per sq.ft (2024)
• Lalitha Garden: 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.V.1st STREET

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, totaling Rs 90,000. 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 details.

Which Sub Registrar Office covers L.V.1st STREET?

The Sub Registrar Office that covers L.V.1st STREET is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Karapakkam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This ensures that the fees are calculated based on a standardized value set by the authorities.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall cost of the transaction. The registration process requires that the property be registered at the guideline value or the sale price, whichever is higher, ensuring transparency in property dealings.

Frequently asked questions

What is the current guideline value of L.V.1st STREET?

The current guideline value of L.V.1st STREET 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 seen several changes, from Rs 400 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2024, which is an overall increase of 150% since 2007.

What is the land classification for L.V.1st STREET?

L.V.1st STREET is classified as Residential Class IV Type - II, indicating its suitability for residential purposes.

Where can I find the registration office for L.V.1st STREET?

The registration office for L.V.1st STREET is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

How is the stamp duty calculated for properties in L.V.1st STREET?

The stamp duty for properties in L.V.1st STREET is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the guideline value of Rs 1,000 per sq.ft, the stamp duty would be Rs 70,000.