Guideline Value for LAKE CITY

Lake City guideline value

The current guideline value of Lake City, located in Ammanambakkam village, is Rs 500 per sq.ft. This value is effective from 1 July 2024 and falls under the Chengleput Joint II SRO. The land classification for this area is Mixed Special Type - II.

How the guideline value of Lake City has changed

The guideline value of Lake City has seen several revisions over the years. In 2007, the value was Rs 65 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012. However, in 2017, the value was revised down to Rs 335 per sq.ft. The most recent revisions in 2023 and 2024 have maintained the value at Rs 500 per sq.ft, showing no change from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The substantial rise from 2007 to 2012 was a remarkable 669%, and overall, from 2007 to 2024, the increase is also 669%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Ammanambakkam

In Ammanambakkam, there are 16 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 300 to Rs 900 per sq.ft. The median value for these streets is Rs 500 per sq.ft, which is equal to the guideline value of Lake City.

• Kamaraj Nagar: Rs 850 per sq.ft (2024)
• Jayam Nagar: Rs 501 per sq.ft (2024)
• Ilango Nagar: Rs 500 per sq.ft (2024)
• Gopalasamy Nagar: Rs 500 per sq.ft (2024)
• Ganesh Nagar: Rs 500 per sq.ft (2024)
• Rajavarthini Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Lake City

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty charged at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees to 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 also use our stamp duty and registration fee calculator for accurate calculations.

Which Sub Registrar Office covers Lake City?

The Sub Registrar Office that covers Lake City is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ammanambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid to complete the transaction legally.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that the government receives the appropriate revenue from property transactions. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lake City?

The current guideline value of Lake City 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 several times, with the most recent revisions in 2023 and 2024 maintaining it at Rs 500 per sq.ft. The value was as low as Rs 65 per sq.ft in 2007 and has increased significantly since then.

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

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers the area of Lake City?

The Chengleput Joint II Sub Registrar Office covers Lake City, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is the guideline value determined for properties in Ammanambakkam?

The guideline value is determined based on various factors, including land classification and historical revisions. It serves as a standard for calculating stamp duty and registration fees during property transactions.