Guideline Value for Lake Side

Lake Side guideline value

The current guideline value of Lake Side, located in Mudhukoor village, is Rs 250 per sq.ft. This value is effective from the 2024 revision and falls under the Residential Class I Type - I land classification within the Sunguvarchattram SRO.

How the guideline value of Lake Side has changed

The guideline value for Lake Side has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 150 per sq.ft, which increased to Rs 250 per sq.ft in the 2024 revision, marking a significant increase of 67%.

This upward revision reflects the latest valuation as of July 1, 2024. The current rate of Rs 250 per sq.ft is now above the median guideline value of Rs 200 per sq.ft for the 29 streets in Mudhukoor under the Sunguvarchattram SRO.

Guideline values in Mudhukoor

The guideline values for properties in Mudhukoor vary, with 29 streets carrying rates from Rs 200 to Rs 448 per sq.ft. Lake Side's 2024 figure of Rs 250 per sq.ft is above the median of Rs 200 per sq.ft. The following are other streets in Mudhukoor:

• Lake side Phase-III: Rs 250 per sq.ft (2024)
• Kulakkarai Street: Rs 250 per sq.ft (2024)
• Kizhandai Vedhi: Rs 200 per sq.ft (2024)
• Mansarovar Phase-I: Rs 200 per sq.ft (2024)
• Mappedu Sellum Salai: Rs 200 per sq.ft (2024)
• Mariamman Kovil Street: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake Side

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty is charged at 7%, which totals Rs 17,500, and the registration fee is charged at 2%, amounting to Rs 5,000. Together, the total fees would be Rs 22,500. 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 Side?

The Lake Side area falls under the jurisdiction of the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Mudhukoor. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is sold or purchased.

When registering a property, buyers must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lake Side?

The current guideline value of Lake Side is Rs 250 per sq.ft, effective from July 1, 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 150 per sq.ft in 2023 to Rs 250 per sq.ft in 2024, reflecting a rise of 67%.

What is the land classification for Lake Side?

Lake Side falls under the Residential Class I Type - I land classification as per the guideline value register.

Where can I find the registration office for Lake Side?

The registration office covering Lake Side is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.

How is stamp duty calculated for properties in Lake Side?

Stamp duty for properties in Lake Side is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 250 per sq.ft, the total guideline value is Rs 2,50,000, leading to a stamp duty of Rs 17,500.