Guideline Value for LAKEVIEW STREET

Lakeview Street guideline value

The current guideline value of Lakeview Street in Pallikaranai village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of Lakeview Street has changed

The guideline value for Lakeview Street has undergone several revisions over the years. In 2002, the guideline value was Rs 80 per sq.ft. This increased to Rs 162 per sq.ft in 2003, marking a significant rise of 103%. The value continued to rise to Rs 400 per sq.ft in 2007, which was a remarkable increase of 147%. However, from 2007 to 2012, the value dropped to Rs 1,200 per sq.ft, reflecting a decrease of 33%.

In 2017, the guideline value was revised to Rs 804 per sq.ft, representing a 49% increase from the previous figure. The most recent revision in 2023 set the value at Rs 1,200 per sq.ft, before it increased to Rs 1,320 per sq.ft in 2024, which is a 10% rise. The overall change from 2002 to 2024 shows an increase of 1550%.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, indicating that the guideline value for Lakeview Street is below this median.

• Labour Colony 6th Street: Rs 1,650 per sq.ft (2024)
• Labour Colony 5th Cross Street: Rs 1,650 per sq.ft (2024)
• Labour Colony 4th Cross Street: Rs 1,650 per sq.ft (2024)
• Labour Colony 3rd Cross Street: Rs 1,650 per sq.ft (2024)
• Labour Colony 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Labour Colony 1st Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Lakeview Street

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, while the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. 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 Lakeview Street?

The Sub Registrar Office that covers Lakeview Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Pallikaranai. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value may influence the sale price. Buyers and sellers should be aware that the duty is charged based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Lakeview Street?

The current guideline value for Lakeview Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 80 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1550%.

What is the median guideline value for streets in Pallikaranai?

The median guideline value for streets in Pallikaranai is Rs 1,650 per sq.ft, while Lakeview Street's value is below this median.

What are the stamp duty and registration fees for properties in Lakeview Street?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles registrations for Lakeview Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Lakeview Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.