Guideline Value for Karthikeyapuram Lake View Street

Karthikeyapuram Lake View Street guideline value

The current guideline value of Karthikeyapuram Lake View Street is Rs 3,850 per sq.ft. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Karthikeyapuram Lake View Street has changed

The guideline value for Karthikeyapuram Lake View Street has seen significant changes over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision. Most recently, the 2024 revision has set the value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has risen by 64%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, indicating a substantial rise in the guideline value over this period.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Karthikeyapuram Lake View Street's 2024 figure above that median.

• Karthikeyapuram Lake View 3rd Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram Main Road: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram Extn: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram/Sabari Salai(Adhi Kesavan Pillai Street): Rs 3,850 per sq.ft (2024)
• Karthikeyapuram Erikarai Street 3rd Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram Sathiyaseelan Street, 13th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Karthikeyapuram Lake View Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Karthikeyapuram Lake View Street?

The Karthikeyapuram Lake View Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when buying or selling property in Madipakkam-1, as it determines the minimum value for registration purposes. When a property is sold, the buyer must pay stamp duty and registration fees based on this guideline value or the sale price, whichever is higher.

This ensures that all transactions are recorded accurately and that the government receives the appropriate revenue from property sales. Understanding the guideline value helps buyers and sellers navigate the registration process effectively.

Frequently asked questions

What is the current guideline value of Karthikeyapuram Lake View Street?

The current guideline value of Karthikeyapuram Lake View Street is Rs 3,850 per sq.ft as per the 2024 revision.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024. This represents a 64% increase over the seven-year period.

What is the land classification for Karthikeyapuram Lake View Street?

The land classification for Karthikeyapuram Lake View Street is Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles registrations for properties in the area.

How is the stamp duty calculated for properties in Karthikeyapuram Lake View Street?

Stamp duty for properties in Karthikeyapuram Lake View Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.