Guideline Value for LAKEVIEW NAGAR (KALLIKUPPPAM)

Lakeview Nagar (Kallikupppam) guideline value

The current guideline value of Lakeview Nagar (Kallikupppam) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under Korattur village and is classified as Residential Class III Type - III, governed by the Villivakkam SRO.

How the guideline value of Lakeview Nagar (Kallikupppam) has changed

The guideline value of Lakeview Nagar has undergone several revisions over the years. In 2007, the value was set at Rs 375 per sq.ft, which saw a significant increase to Rs 1,500 per sq.ft in the 2012 revision. This figure remained unchanged until the 2023 revision, where it was again Rs 1,500 per sq.ft. The most recent revision in 2024 raised the value to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 327%. Notably, there are no figures available for the revisions in 2002, 2003, and 2017 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, indicating that Lakeview Nagar's 2024 guideline value is below this median.

• Lakeview Garden Extension: Rs 2,500 per sq.ft (2024)
• Lakeview Garden: Rs 2,500 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 Nagar (Kallikupppam)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value is Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakeview Nagar (Kallikupppam)?

The Sub Registrar Office that covers Lakeview Nagar (Kallikupppam) 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 information.

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

The guideline value is a crucial factor in property transactions in Korattur, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential components of the registration process.

It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements and to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Lakeview Nagar (Kallikupppam)?

The current guideline value of Lakeview Nagar (Kallikupppam) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 375 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024. Notably, there were no figures for the revisions in 2002, 2003, and 2017 for this street.

What is the land classification of Lakeview Nagar?

Lakeview Nagar is classified as Residential Class III Type - III, which indicates its zoning for residential purposes.

Where can I find the Sub Registrar Office for Lakeview Nagar?

The Sub Registrar Office for Lakeview Nagar (Kallikupppam) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How are stamp duty and registration fees calculated in Korattur?

Stamp duty and registration fees in Korattur are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the fees reflect the true value of the property being registered.