Guideline Value for Lake View 14th Street

Lake View 14th Street guideline value

The current guideline value of Lake View 14th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Lake View 14th Street has changed

The guideline value for Lake View 14th Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision. The latest revision in 2024 further raised the guideline value to Rs 2,200 per sq.ft, marking a 10% increase from the previous year. Overall, from the 2017 revision to the current 2024 value, there has been a significant increase of 64%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The changes between the revisions are as follows: from 2017 to 2023, the increase was 49%, and from 2023 to 2024, the increase was 10%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Lake View 14th Street's 2024 figure below the median.

• Lake View 13th Street/Ayyappa Nagar Extension: Rs 2,200 per sq.ft (2024)
• Lake View 14th Street/Ayyappa Nagar: Rs 2,200 per sq.ft (2024)
• Lake View 13th Street: Rs 2,200 per sq.ft (2024)
• Lake View 1st Street: Rs 2,200 per sq.ft (2024)
• Lake view 12th Street: Rs 2,200 per sq.ft (2024)
• Lake View 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View 14th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lake View 14th Street?

The Sub Registrar Office that covers Lake View 14th Street 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 details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to price their properties competitively.

Frequently asked questions

What is the current guideline value of Lake View 14th Street?

The current guideline value of Lake View 14th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over the years.

What is the land classification for Lake View 14th Street?

Lake View 14th Street is classified as Residential Class II Type - I under the Velacheri SRO.

What are the stamp duty and registration fees for properties in Lake View 14th Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total stamp duty and registration fees would amount to Rs 1,98,000.

Which Sub Registrar Office covers Lake View 14th Street?

The Velacheri Sub Registrar Office covers Lake View 14th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.