Guideline Value for L.V.R. Nagar

L.V.R. Nagar guideline value

The current guideline value of L.V.R. Nagar in Korukanthangal village is Rs 500 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Residential Special Type - I.

How the guideline value of L.V.R. Nagar has changed

Over the years, the guideline value of L.V.R. Nagar has seen several revisions. The earliest recorded value was Rs 135 per sq.ft in 2007, which increased significantly to Rs 500 per sq.ft in 2012. However, this was followed by a decrease to Rs 335 per sq.ft in 2017. The subsequent revisions in 2023 and 2024 have maintained the value at Rs 500 per sq.ft, showing no change from 2023 to 2024. Notably, from 2017 to 2023, there was a 49% increase in the guideline value.

Between the 2012 and 2017 revisions, the value decreased by 33%, while the jump from 2007 to 2012 was a substantial 270%. Overall, from 2007 to 2024, the guideline value has increased by 270%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Korukanthangal

In Korukanthangal, there are 25 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 500 per sq.ft, with a median also at Rs 500 per sq.ft. L.V.R. Nagar's 2024 figure aligns with this median.

• Mahalakshmi Avenue: Rs 500 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 500 per sq.ft (2024)
• Krishna Nagar Extn-III: Rs 500 per sq.ft (2024)
• Krishna Nagar: Rs 500 per sq.ft (2024)
• Maruthi Nagar: Rs 500 per sq.ft (2024)
• M.M. Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in L.V.R. Nagar

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers L.V.R. Nagar?

The Sub Registrar Office that covers L.V.R. Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Korukanthangal. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When buying or selling property, it is essential to be aware of the current guideline value as it influences the overall cost of the transaction. Buyers should ensure that the sale price is in line with or above the guideline value to avoid any issues during registration.

Frequently asked questions

What is the current guideline value of L.V.R. Nagar?

The current guideline value of L.V.R. Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 135 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and has remained at Rs 500 per sq.ft in both 2023 and 2024.

What is the land classification for L.V.R. Nagar?

L.V.R. Nagar is classified as Residential Special Type - I under the current guidelines.

Where can I find the Sub Registrar Office for L.V.R. Nagar?

The Gooduvancheri Sub Registrar Office covers L.V.R. Nagar, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in L.V.R. Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, for a property with a guideline value of Rs 5,00,000, the stamp duty at 7% would be Rs 35,000.