Guideline Value for Lake Avenue

Lake Avenue guideline value

The current guideline value of Lake Avenue in Melamaiyur village is Rs 1,322 per sq.ft, effective from 1 July 2024. This area falls under the Chengleput Joint I SRO and is classified as Mixed Special Type - II land.

How the guideline value of Lake Avenue has changed

The guideline value for Lake Avenue has undergone several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 333 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a substantial rise of 350%. However, the value then decreased to Rs 1,005 per sq.ft in 2017, reflecting a decline of 33%. Following this, the value increased to Rs 1,200 per sq.ft in 2023, a rise of 19%. The most recent revision in 2024 saw the guideline value increase to Rs 1,322 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 297%.

Guideline values in Melamaiyur

In Melamaiyur village, there are 37 streets under the Chengleput Joint I SRO that have a guideline value for 2024, ranging from Rs 440 to Rs 3,000 per sq.ft. The median value for these streets is Rs 1,212 per sq.ft, placing Lake Avenue's 2024 figure above that median.

• Lakshmi Nagar: Rs 1,212 per sq.ft (2024)
• K.K.Nagar: Rs 825 per sq.ft (2024)
• Manickam Nagar: Rs 825 per sq.ft (2024)
• Manogari Avenue: Rs 1,650 per sq.ft (2024)
• Kanthavelu Nagar: Rs 1,322 per sq.ft (2024)
• Kannan Nagar: Rs 990 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 1,322 per sq.ft, the total guideline value would be Rs 13,22,000. The stamp duty at 7% would amount to Rs 92,540, while the registration fee at 2% would be Rs 26,440. Together, the total cost for these fees would be Rs 1,18,980. It is important to note that the duty is charged on the higher of the guideline value or 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 Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Melamaiyur. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that these costs are calculated based on the official value set by the government.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and legally, providing a clear record of ownership.

Frequently asked questions

What is the current guideline value of Lake Avenue?

The current guideline value of Lake Avenue is Rs 1,322 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 333 per sq.ft in 2007 to Rs 1,322 per sq.ft in 2024, reflecting an overall increase of 297% over the years.

What are the stamp duty and registration fees for property in Lake Avenue?

The stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,18,980.

Which Sub Registrar Office covers Lake Avenue?

The Chengleput Joint I Sub Registrar Office covers Lake Avenue, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

What is the land classification of Lake Avenue?

Lake Avenue is classified as Mixed Special Type - II land, which is important for understanding its use and development potential.