Guideline Value for Lake Area 5th Cross Street

Lake Area 5th Cross Street guideline value

The current guideline value of Lake Area 5th 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 5th Cross Street has changed

The guideline value for Lake Area 5th Cross Street has seen several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 3,985 per sq.ft. This increased significantly to Rs 8,000 per sq.ft in 2012, marking a rise of 101%. However, the value dropped to Rs 5,360 per sq.ft in 2017, reflecting a decrease of 33%. The value then rose to Rs 8,000 per sq.ft in 2023, and currently stands at Rs 8,800 per sq.ft as of the 2024 revision, which is a 10% increase from the previous year.

There are no recorded figures for the years 2002 and 2003 for Lake Area 5th Cross Street. Overall, from 2007 to 2024, the guideline value has increased by 121%.

Guideline values in Nungambakkam

Nungambakkam has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values 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 5th Cross Street.

• Lake Area 4th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 6th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 3rd Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 7th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area Main Road: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lake Area 5th 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, totaling 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lake Area 5th Cross Street?

The Sub Registrar Office covering Lake Area 5th 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 crucial factor when registering property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is used to calculate the applicable stamp duty and registration fees, which are necessary for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Lake Area 5th Cross Street?

The current guideline value of Lake Area 5th 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 3,985 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, marking a total increase of 121% over the years.

What are the stamp duty rates for property in Lake Area 5th Cross Street?

The stamp duty for property in Lake Area 5th Cross Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Lake Area 5th Cross Street located?

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

What is the land classification for Lake Area 5th Cross Street?

The land classification for Lake Area 5th Cross Street is Residential Special Type - II.