Guideline Value for LAKE VIEW STREET

Lake View Street guideline value

The current guideline value of Lake View Street in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Lake View Street has changed

The guideline value for Lake View Street has seen significant changes over the years. In 2002, the guideline value was Rs 59 per sq.ft. This increased to Rs 69 per sq.ft in 2003, marking a 17% rise. The value then surged to Rs 300 per sq.ft in 2007, a substantial increase of 335%. Following that, the guideline value rose dramatically to Rs 2,000 per sq.ft in 2012, reflecting a 567% increase. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, which was a 49% rise from the previous revision. Finally, the current value stands at Rs 2,200 per sq.ft from the 2024 revision, showing a 10% increase from 2023.

There are no figures available for years not listed in the register for Lake View Street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which matches the current guideline value for Lake View Street.

• Lakshmi Appadurai Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Appadurai St Somu Nagar: Rs 2,200 per sq.ft (2024)
• Kurudar Palli Salai: Rs 1,540 per sq.ft (2024)
• Kulasekara Alwar Street: Rs 2,200 per sq.ft (2024)
• Kulakkarai Street: Rs 1,870 per sq.ft (2024)
• Kulakkarai Cross Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total charges would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lake View Street?

The Sub Registrar Office that covers Lake View Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Medavakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lake View Street?

The current guideline value of Lake View Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 59 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 3629% over the years.

What is the land classification for Lake View Street?

Lake View Street is classified as Residential Class I Type - I under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for property in Lake View Street?

For a 1,000 sq.ft plot, the total guideline value would be Rs 22,00,000. The stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Lake View Street located?

The Sub Registrar Office for Lake View Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.