Guideline Value for Lake Area 1st Cross Street

Lake Area 1st Cross Street guideline value

The current guideline value of Lake Area 1st Cross Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Lake Area 1st Cross Street has changed

Over the years, the guideline value for Lake Area 1st Cross Street has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 3,000 per sq.ft. This increased significantly to Rs 8,000 per sq.ft in 2012, marking a rise of 167%. However, it then decreased to Rs 5,360 per sq.ft in 2017, a decline of 33%. The value saw a substantial increase again to Rs 8,000 per sq.ft in 2023, followed by a further rise to the current value of Rs 8,800 per sq.ft in 2024, which is a 10% increase.

The revisions for the years 2002 and 2003 do not have any figures recorded for this street. From 2017 to 2023, the guideline value increased by 49%, and the overall change from 2007 to 2024 is an increase of 193%.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, which is equal to the current value of Lake Area 1st Cross Street.

• Lake Area 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 3rd Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 4th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 5th Cross Street: Rs 8,800 per sq.ft (2024)
• Lady Madhavan Road: Rs 9,900 per sq.ft (2024)
• Lake Area 6th Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lake Area 1st Cross Street

For a property measuring 1,000 sq.ft at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000. Together, the total cost for stamp duty and registration fees would be Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lake Area 1st Cross Street?

The Sub Registrar Office that covers Lake Area 1st Cross Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value is a crucial factor when it comes to property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications involved in the transaction, as these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Lake Area 1st Cross Street?

The current guideline value of Lake Area 1st Cross Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen fluctuations, starting from Rs 3,000 per sq.ft in 2007, peaking at Rs 8,800 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Lake Area 1st Cross Street?

The land classification for Lake Area 1st Cross Street is Residential Special Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Lake Area 1st Cross Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 88,00,000 would incur a stamp duty of Rs 6,16,000 at a rate of 7%.