Guideline Value for Lake Area 4th Cross Street

Lake Area 4th Cross Street guideline value

The current guideline value of Lake Area 4th 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 4th Cross Street has changed

In the 2007 revision, the guideline value was Rs 3,000 per sq.ft. This increased significantly to Rs 8,000 per sq.ft in the 2012 revision, marking a rise of 167%. However, in the 2017 revision, the value decreased to Rs 5,360 per sq.ft, which was a drop of 33%. The value then increased to Rs 8,000 per sq.ft in the 2023 revision, reflecting a growth of 49%. The latest revision in 2024 sees the guideline value at Rs 8,800 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 for this street.

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 is Rs 8,800 per sq.ft, which is equal to the guideline value of Lake Area 4th Cross Street.

• Lake Area 1st Cross Street: Rs 8,800 per sq.ft (2024)
• 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)
• 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 4th Cross Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. 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 Lake Area 4th Cross Street?

The Sub Registrar Office that covers Lake Area 4th 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 further assistance.

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

The guideline value is an essential factor in property transactions in Nungambakkam. It serves as a reference for determining the minimum value at which a property can be registered. This value is crucial for calculating stamp duty and registration fees during the buying or selling process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used for calculating the applicable fees. This ensures that the government receives the appropriate revenue from property transactions, maintaining transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Lake Area 4th Cross Street?

The current guideline value of Lake Area 4th 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 various changes, starting from Rs 3,000 per sq.ft in 2007, rising to Rs 8,800 per sq.ft in 2024. Notable changes include a drop to Rs 5,360 per sq.ft in 2017 and a rise to Rs 8,000 per sq.ft in 2023.

What is the land classification for Lake Area 4th Cross Street?

The land classification for Lake Area 4th Cross Street is Residential Special Type - II. This classification indicates the type of development permissible in the area.

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

The Sub Registrar Office for Lake Area 4th 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.

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, for a plot valued at Rs 88,00,000, the stamp duty at 7% would amount to Rs 6,16,000.