Guideline Value for LAKEVIEW GARDEN EXTENSION

Lakeview Garden Extension guideline value

The current guideline value of Lakeview Garden Extension is Rs 2,500 per sq.ft, effective from 1 July 2024. It is located in Korattur village under the Villivakkam SRO and classified as Residential Class II Type - III.

How the guideline value of Lakeview Garden Extension has changed

Over the years, the guideline value for Lakeview Garden Extension has seen significant changes. Starting from Rs 380 per sq.ft in 2007, it increased to Rs 2,300 per sq.ft in 2012, followed by a decrease to Rs 1,541 per sq.ft in 2017. The 2023 revision saw it rise to Rs 2,300 per sq.ft, and the most recent 2024 revision has set it at Rs 2,500 per sq.ft.

The changes between revisions are noteworthy. From 2007 to 2012, there was a remarkable increase of 505%. However, from 2012 to 2017, the value decreased by 33%. The guideline value then surged by 49% from 2017 to 2023, and finally, there was a 9% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 558%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. Lakeview Garden Extension's 2024 guideline value is equal to this median.

• Lakeview Garden: Rs 2,500 per sq.ft (2024)
• Lakeview Nagar (Kallikupppam): Rs 1,600 per sq.ft (2024)
• Lakshmi Ammal Street: Rs 1,600 per sq.ft (2024)
• K.V.R Nagar: Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Kuppu Reddy Nagar / Streets (K.R Nagar): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakeview Garden Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakeview Garden Extension?

The Sub Registrar Office that covers Lakeview Garden Extension is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

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

Frequently asked questions

What is the current guideline value of Lakeview Garden Extension?

The current guideline value of Lakeview Garden Extension is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 380 per sq.ft in 2007 and reaching Rs 2,500 per sq.ft in 2024. Notable changes include an increase of 505% from 2007 to 2012 and a decrease of 33% from 2012 to 2017.

What is the registration office for Lakeview Garden Extension?

The Villivakkam Sub Registrar Office covers Lakeview Garden Extension. It is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Lakeview Garden Extension?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at a rate of 7%.

What are the guideline values of other streets in Korattur?

Other streets in Korattur have varying guideline values. For instance, Lakeview Nagar (Kallikupppam) is valued at Rs 1,600 per sq.ft, while Kuppu Reddy Nagar is valued at Rs 3,300 per sq.ft as of 2024.