Guideline Value for Lake Area 2nd Cross Street

Lake Area 2nd Cross Street guideline value

The current guideline value of Lake Area 2nd 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, with a land classification of Residential Special Type - II.

How the guideline value of Lake Area 2nd Cross Street has changed

The guideline value for Lake Area 2nd Cross Street has seen several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a rise of 167%. However, from 2012 to 2017, the value decreased to Rs 5,360 per sq.ft, a drop of 33%. Following this, the valuation rose to Rs 8,000 per sq.ft in 2023, reflecting a substantial increase of 49% over the previous revision. The most recent revision in 2024 set the guideline value at Rs 8,800 per sq.ft, which is a 10% increase from 2023.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Nungambakkam

In Nungambakkam, there are 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 value for these streets is Rs 8,800 per sq.ft, which is equal to the current guideline value of Lake Area 2nd Cross Street.

• Lake Area 1st 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)
• Lake Area 6th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 7th Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lake Area 2nd Cross Street

For a 1,000 sq.ft plot 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, and the registration fee at 2% would be Rs 1,76,000, bringing the total cost together to Rs 7,92,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Lake Area 2nd Cross Street?

The Sub Registrar Office that covers Lake Area 2nd 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 information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair and standardized price.

When registering a property, buyers and sellers must consider the guideline value as it directly impacts the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lake Area 2nd Cross Street?

The current guideline value of Lake Area 2nd 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 changed from Rs 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 193% over the years.

What is the median guideline value in Nungambakkam?

The median guideline value in Nungambakkam for the year 2024 is Rs 8,800 per sq.ft, which is the same as the guideline value for Lake Area 2nd Cross Street.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000, and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which office handles registrations for Lake Area 2nd Cross Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for Lake Area 2nd Cross Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.