Guideline Value for Lake Avenue

Lake Avenue guideline value

The current guideline value of Lake Avenue in Kolathur village, under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Lake Avenue has changed

The guideline value for Lake Avenue has undergone several revisions since 2002. In 2002, the value was Rs 267 per sq.ft, which increased to Rs 290 per sq.ft in 2003, marking a 9% rise. The value then saw a significant jump to Rs 700 per sq.ft in 2007, reflecting a 141% increase. Following this, the value surged to Rs 2,500 per sq.ft in 2012, representing a 257% increase from the previous revision.

In 2017, the guideline value decreased to Rs 1,675 per sq.ft, a decline of 33%. However, from 2017 to 2024, the value rose sharply to the current rate of Rs 2,700 per sq.ft, which is a substantial increase of 61%. It is important to note that the register has no figure for this street in the 2023 revision.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Lake Avenue is below this median.

• Lake Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Ammal Nagar: Rs 2,700 per sq.ft (2024)
• Lakshmi Amman Koil Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Avenue: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lake Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lake Avenue?

The Sub Registrar Office that covers Lake Avenue is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find more information, you can find your SRO.

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

The guideline value is a crucial factor in the property registration process in Kolathur. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees payable at the time of sale.

When buying or selling property, the guideline value ensures that both parties are aware of the official value of the property, which can help in negotiating the sale price. It is essential for buyers and sellers to be informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lake Avenue?

The current guideline value of Lake Avenue is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 267 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, an overall increase of 911%.

What is the land classification for Lake Avenue?

Lake Avenue is classified as Residential Class II Type - I, indicating its designation for residential use.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 2,43,000.