Guideline Value for LAKEVIEW GARDEN

Lakeview Garden guideline value

The current guideline value of Lakeview Garden, located in Korattur village under the Villivakkam SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - III.

How the guideline value of Lakeview Garden has changed

The guideline value for Lakeview Garden has seen significant changes over the years. In 2002, the guideline value was Rs 69 per sq.ft. This figure rose dramatically to Rs 375 per sq.ft in 2007, marking an increase of 443%. The value then increased further to Rs 2,300 per sq.ft in 2012, which represented a substantial jump of 513%. However, between 2012 and 2017, the guideline value decreased to Rs 1,541 per sq.ft, a decline of 33%. The value then rose again to Rs 2,300 per sq.ft in 2023, showing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,500 per sq.ft, reflecting a 9% increase from the previous year.

It is important to note that there is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by an impressive 3,523%.

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. The median guideline value for these streets is Rs 2,500 per sq.ft, which is equal to the current guideline value for Lakeview Garden.

• Lakeview Garden Extension: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total cost for these fees to 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. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakeview Garden?

The Sub Registrar Office that covers Lakeview Garden is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value plays a crucial role in the property registration process in Korattur. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is recorded at an appropriate value set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall costs associated with property transactions. Accurate knowledge of these values helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Lakeview Garden?

The current guideline value of Lakeview Garden 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, increasing from Rs 69 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, which is an overall increase of 3,523%.

What are the other streets in Korattur and their guideline values?

Other streets in Korattur include Lakeview Garden Extension at Rs 2,500 per sq.ft, Lakeview Nagar (Kallikupppam) and Lakshmi Ammal Street at Rs 1,600 per sq.ft, K.V.R Nagar at Rs 1,300 per sq.ft, and Kuppu Reddy Nagar at Rs 3,300 per sq.ft.

What is the stamp duty rate for properties in Lakeview Garden?

The stamp duty rate for properties in Lakeview Garden is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Lakeview Garden located?

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