Guideline Value for LETANGS ROAD

Letangs Road guideline value

The current guideline value of Letangs Road is Rs 12,100 per sq.ft, effective from 1 July 2024. This road is located in Purasaivakkam village, under the Purasaivakkam SRO, classified as Residential Special Type - II.

How the guideline value of Letangs Road has changed

The guideline value for Letangs Road has undergone several revisions over the years. The earliest recorded figure is from 2007, set at Rs 2,600 per sq.ft. This figure saw a significant increase to Rs 11,000 per sq.ft in 2012, followed by a decrease to Rs 7,370 per sq.ft in 2017. The value then rose to Rs 11,000 per sq.ft in 2023, and most recently, it has been set at Rs 12,100 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In terms of percentage changes, the guideline value increased by 323% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. Overall, from 2007 to 2024, the guideline value has risen by 365%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. Letangs Road's 2024 figure is significantly above this median.

• Lockma Nagar: Rs 3,800 per sq.ft (2024)
• Lockma Nagar 1st Street: Rs 3,800 per sq.ft (2024)
• Lockma Nagar 2nd Street: Rs 3,800 per sq.ft (2024)
• Lockma Nagar 3rd Street: Rs 3,800 per sq.ft (2024)
• Lockma Nagar Lane: Rs 3,800 per sq.ft (2024)
• Lauders Gate Street: Rs 6,500 per sq.ft (2024)

Stamp duty and registration fee for property in Letangs Road

For a 1,000 sq.ft plot at the current guideline value of Rs 12,100 per sq.ft, the total guideline value would be Rs 1,21,00,000. The stamp duty at 7% would amount to Rs 8,47,000, while the registration fee at 2% would be Rs 2,42,000, totaling Rs 10,89,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Letangs Road?

The Sub Registrar Office that covers Letangs Road is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Purasaivakkam. It serves as the basis for calculating stamp duty and registration fees when a property is bought or sold. Buyers and sellers must be aware of this value to ensure compliance with local regulations during the registration process.

When registering a property, the guideline value is compared with the sale price. The higher of the two values is used to determine the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Letangs Road?

The current guideline value of Letangs Road is Rs 12,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,600 per sq.ft in 2007 to Rs 12,100 per sq.ft in 2024, showing an overall increase of 365% over the years.

What are the other streets in Purasaivakkam with their guideline values?

Other streets in Purasaivakkam include Lockma Nagar, Lockma Nagar 1st Street, Lockma Nagar 2nd Street, Lockma Nagar 3rd Street, Lockma Nagar Lane, and Lauders Gate Street, with values ranging from Rs 3,800 to Rs 6,500 per sq.ft.

What fees are associated with buying property on Letangs Road?

The fees associated with buying property on Letangs Road include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Letangs Road?

The Sub Registrar Office for Letangs Road is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.