Guideline Value for LAKE VIEW ROAD

Lake View Road guideline value

The current guideline value of Lake View Road is Rs 9,900 per sq.ft. This road is located in Mambalam village, under the Thiyagaraya nagar SRO, and is classified as Residential Special Type - I.

How the guideline value of Lake View Road has changed

The guideline value for Lake View Road has undergone several revisions over the years. In 2002, the value was Rs 1,528 per sq.ft, which increased to Rs 2,000 per sq.ft in 2003, marking a 31% rise. By 2007, the value jumped significantly to Rs 2,500 per sq.ft, reflecting a 25% increase. The value then surged to Rs 9,000 per sq.ft in 2012, representing a remarkable 260% increase from the previous revision. However, from 2012 to 2017, the value decreased to Rs 6,030 per sq.ft, showing a decline of 33%. The value rose again to Rs 9,000 per sq.ft in 2023, and most recently, it has been set at Rs 9,900 per sq.ft effective from 1 July 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 548%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 22,000 per sq.ft, with a median value of Rs 6,600 per sq.ft. Lake View Road's current value of Rs 9,900 per sq.ft is above this median.

• Kuyavar Street: Rs 9,900 per sq.ft (2024)
• Kuyavar 3rd Lane: Rs 5,500 per sq.ft (2024)
• Kuyavar 2nd Lane: Rs 5,500 per sq.ft (2024)
• Kuyavar 1st Lane: Rs 5,500 per sq.ft (2024)
• Kuppiah Chetty Street: Rs 12,100 per sq.ft (2024)
• Lakshmi Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View Road

For a 1,000 sq.ft plot at the current rate of Rs 9,900 per sq.ft, the guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lake View Road?

The Sub Registrar Office that covers Lake View Road is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Mambalam. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. Buyers and sellers should be aware that the guideline value is a reference point for the government to assess the value of the property for taxation purposes.

When a property is registered, the guideline value is compared to the sale price. The higher of the two values will be used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lake View Road?

The current guideline value of Lake View Road is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,528 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 548% over this period.

What is the median guideline value of streets in Mambalam?

The median guideline value of streets in Mambalam is Rs 6,600 per sq.ft, with Lake View Road's value being above this median.

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

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 8,91,000, based on the current guideline value of Rs 99,00,000.

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

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.