Guideline Value for L.V.2nd STREET

L.V.2nd STREET guideline value

The current guideline value of L.V.2nd STREET is Rs 1,000 per sq.ft, effective from 1 July 2024. This street is located in Karapakkam village under the Neelankarai SRO and is classified as Residential Class IV Type - II.

How the guideline value of L.V.2nd STREET has changed

The guideline value for L.V.2nd STREET has undergone several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased to Rs 750 per sq.ft in 2012. However, from 2012 to 2017, the value decreased by 33% to Rs 502 per sq.ft. A significant increase occurred between 2017 and 2023, where the value rose by 99% to Rs 1,000 per sq.ft, and it remained the same in the 2024 revision.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 150%.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median value is Rs 1,700 per sq.ft, indicating that L.V.2nd STREET's 2024 figure is below this median.

• L.V.1st 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.2nd STREET

For a 1,000 sq.ft plot at the current rate of Rs 1,000 per sq.ft, the 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, making a total of Rs 90,000. It is important to note that the 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.V.2nd STREET?

The Sub Registrar Office that covers L.V.2nd STREET is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. 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 during the registration of property transactions in Karapakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the higher value between the guideline value and the actual sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of L.V.2nd STREET?

The current guideline value of L.V.2nd 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 changed from Rs 400 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2024, with significant changes occurring in 2017 and 2023.

What is the land classification for L.V.2nd STREET?

L.V.2nd STREET is classified as Residential Class IV Type - II.

Where can I find the Neelankarai Sub Registrar Office?

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

How is stamp duty calculated for property in L.V.2nd STREET?

Stamp duty is calculated based on the higher value between the guideline value and the sale price. For example, for a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000 at 7%.