Guideline Value for Lake Veiw Road

Lake Veiw Road guideline value

The current guideline value of Lake Veiw Road in Velachery village, under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of Lake Veiw Road has changed

The guideline value for Lake Veiw Road has seen significant changes over the years. In the 2007 revision, the value was Rs 1,500 per sq.ft. This increased to Rs 2,680 per sq.ft in 2017, marking a rise of 79%. The 2023 revision set the value at Rs 4,000 per sq.ft, reflecting a 49% increase from 2017. The current 2024 revision has further increased the value to Rs 4,400 per sq.ft, which is a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2012 for this street. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which matches the current guideline value for Lake Veiw Road.

• Lake Veiw Road / Brindavan Nagar: Rs 4,400 per sq.ft (2024)
• Lake Veiw Road / Mohanapuri: Rs 4,400 per sq.ft (2024)
• Lailtha Nagar / Pillaiyar Koil Street / Annai Inidra Nagar: Rs 4,400 per sq.ft (2024)
• Lake View Street: Rs 4,400 per sq.ft (2024)
• Lake View Street / Brindavan Nagar: Rs 4,400 per sq.ft (2024)
• Lakshmi Hygrieva Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Lake Veiw Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Lake Veiw Road?

The Sub Registrar Office that covers Lake Veiw Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Velachery. It is used to determine the stamp duty and registration fees that must be paid during the registration of a property. Buyers and sellers should be aware that the guideline value is a key factor in the overall cost of property transactions.

When a property is bought or sold, the guideline value is assessed to ensure that the transaction is recorded accurately. This value helps in maintaining transparency and standardization in property dealings, ensuring that both parties are aware of the financial obligations involved.

Frequently asked questions

What is the current guideline value of Lake Veiw Road?

The current guideline value of Lake Veiw Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking a total increase of 193% over this period.

What are the stamp duty rates for properties in Lake Veiw Road?

The stamp duty for properties in Lake Veiw Road is charged at 7% of the guideline value or sale price, whichever is higher.

Which office handles property registrations for Lake Veiw Road?

The Velacheri Sub Registrar Office handles property registrations for Lake Veiw Road, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

Are there other streets with the same guideline value in Velachery?

Yes, there are several other streets in Velachery with the same guideline value of Rs 4,400 per sq.ft, including Lake Veiw Road / Brindavan Nagar and Lake View Street.