Guideline Value for Lake Area Main Road

Lake Area Main Road guideline value

The current guideline value of Lake Area Main Road is Rs 9,300 per sq.ft, effective from 1 July 2024. This road is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Lake Area Main Road has changed

The guideline value for Lake Area Main Road has undergone several revisions over the years. In 2002, the guideline value was Rs 1,434 per sq.ft. This figure saw a significant increase to Rs 4,000 per sq.ft in 2007, marking a rise of 179%. The value then rose to Rs 8,500 per sq.ft in 2012, reflecting an increase of 113%. However, it decreased to Rs 5,695 per sq.ft in 2017, a drop of 33%. The value then increased substantially to Rs 8,500 per sq.ft in 2023, followed by a further increase to Rs 9,300 per sq.ft in 2024, which is a rise of 9%.

It is important to note that the register has no figure for Lake Area Main Road in 2003. Overall, from 2002 to 2024, the guideline value has increased by 549%.

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 guideline value in this area is Rs 8,800 per sq.ft, making the 2024 figure for Lake Area Main Road above that median.

• Lake Area 7th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 6th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 5th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 4th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 3rd Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 2nd Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lake Area Main Road

For a 1,000 sq.ft plot at the current rate of Rs 9,300 per sq.ft, the guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000. Together, these fees amount to Rs 8,37,000. 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 Lake Area Main Road?

The Sub Registrar Office that covers Lake Area Main Road 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 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 government receives appropriate stamp duty and registration fees.

When a buyer and seller agree on a sale price, the registration office will assess the guideline value to ensure compliance with legal requirements. If the sale price is lower than the guideline value, the higher amount will be used for calculating the applicable fees.

Frequently asked questions

What is the current guideline value of Lake Area Main Road?

The current guideline value of Lake Area Main Road is Rs 9,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 1,434 per sq.ft in 2002 to Rs 9,300 per sq.ft in 2024, reflecting an overall increase of 549%.

What are the stamp duty and registration fees for property in Lake Area Main Road?

For a property valued at Rs 93,00,000, the stamp duty would be Rs 6,51,000, and the registration fee would be Rs 1,86,000, totaling Rs 8,37,000.

Which office handles the registration for Lake Area Main Road?

The Chennai Central Joint II Sub Registrar Office handles the registration for Lake Area Main Road, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the land classification for Lake Area Main Road?

The land classification for Lake Area Main Road is Commercial Class I Type - III.