Guideline Value for LAKE VIEW SLUM

Lake View Slum guideline value

The current guideline value of Lake View Slum in Nemilicherry village is Rs 2,160 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Lake View Slum has changed

Over the years, the guideline value of Lake View Slum has undergone several revisions. The most recent revision in 2024 set the value at Rs 2,160 per sq.ft, which is an increase of 8% from the 2023 revision of Rs 2,000 per sq.ft. Prior to that, in 2017, the value was Rs 1,340 per sq.ft, marking a significant increase of 49% over the six years leading up to 2023. The 2012 revision also recorded a value of Rs 2,000 per sq.ft, which was a decrease of 33% from the previous revision in 2017.

It is important to note that 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 increased by 8%.

Guideline values in Nemilicherry

In Nemilicherry village, there are 172 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value is Rs 2,160 per sq.ft, which is the same as the current value for Lake View Slum.

• Lake View Colony: Rs 2,200 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 Slum

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total fees together to Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lake View Slum?

The Sub Registrar Office that covers Lake View Slum 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 crucial role when buying or selling property in Nemilicherry. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers should be aware that the guideline value is set by the government and reflects the minimum value at which properties in the area can be registered.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value. This helps maintain transparency in property dealings and ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lake View Slum?

The current guideline value of Lake View Slum is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,160 per sq.ft in 2024, with notable increases in 2023 and 2024.

What is the classification of land in Lake View Slum?

Lake View Slum is classified as Residential Class II Type - I under the Pallavaram SRO.

What are the stamp duty rates for property in Lake View Slum?

The stamp duty for property in Lake View Slum is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Lake View Slum?

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