Guideline Value for LAKE VIEW COLONY

Lake View Colony guideline value

The current guideline value of Lake View Colony, located in Nemilicherry village under the Pallavaram SRO, is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of Lake View Colony has changed

The guideline value of Lake View Colony has seen several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 1,474 per sq.ft, marking a decline of 33%. This was followed by a significant increase in the 2023 revision, where the value rose to Rs 2,000 per sq.ft, a 36% increase from the previous figure. The most recent revision in 2024 saw a further increase to Rs 2,200 per sq.ft, reflecting a 10% rise from 2023.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has remained unchanged at Rs 2,200 per sq.ft.

Guideline values in Nemilicherry

In Nemilicherry village, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, placing Lake View Colony's 2024 figure above that median.

• Lake View Slum: Rs 2,160 per sq.ft (2024)
• Kurinji Nagar: Rs 2,420 per sq.ft (2024)
• Kurathiamman Koil Street: Rs 2,160 per sq.ft (2024)
• Kurathiamman Koil Cross Street: Rs 2,160 per sq.ft (2024)
• Kuppu Naicken Pettai: Rs 2,160 per sq.ft (2024)
• Kuppan Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to 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. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lake View Colony?

The Sub Registrar Office covering Lake View Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a critical role in the registration process of property transactions in Nemilicherry. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold, ensuring that the government receives its due revenue based on the assessed value of the property.

When a buyer or seller engages in a property transaction, the guideline value is referenced to establish the official value of the property for registration purposes. This helps maintain transparency and standardization in property dealings within the region.

Frequently asked questions

What is the current guideline value of Lake View Colony?

The current guideline value of Lake View Colony is Rs 2,200 per sq.ft as per the 2024 revision 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 increase from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. The value was Rs 1,474 per sq.ft in 2017 and Rs 2,200 per sq.ft in 2012.

What is the land classification of Lake View Colony?

Lake View Colony is classified as Residential Class I Type - III, indicating its designation for residential use within the area.

What are the stamp duty and registration fees for properties in Lake View Colony?

For a 1,000 sq.ft property at the guideline value of Rs 2,200 per sq.ft, the total guideline value is 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.

Which office handles property registrations for Lake View Colony?

The Pallavaram Sub Registrar Office handles property registrations for Lake View Colony, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.