Guideline Value for Lake View 1st Street

Lake View 1st Street guideline value

The current guideline value of Lake View 1st 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 1st Street has changed

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

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 is Rs 2,750 per sq.ft, placing Lake View 1st Street's 2024 figure below this median.

• Lake View 14th Street/Ayyappa Nagar: Rs 2,200 per sq.ft (2024)
• Lake View 2nd Street: Rs 2,200 per sq.ft (2024)
• Lake View 14th Street: Rs 2,200 per sq.ft (2024)
• Lake View 3rd Street: Rs 2,200 per sq.ft (2024)
• Lake View 13th Street/Ayyappa Nagar Extension: Rs 2,200 per sq.ft (2024)
• Lake View 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View 1st Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lake View 1st Street?

The Sub Registrar Office that covers Lake View 1st 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 further assistance.

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

The guideline value is a crucial factor during the registration of 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 transaction is recorded accurately and fairly.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, which are mandatory for the legal transfer of ownership. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Lake View 1st Street?

The current guideline value of Lake View 1st 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 a total increase of 64% over these years.

What are the stamp duty and registration fees for property in Lake View 1st Street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,98,000, based on the current guideline value of Rs 22,00,000.

Which office handles property registrations for Lake View 1st Street?

The Velacheri Sub Registrar Office is responsible for property registrations in Lake View 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Lake View 1st Street?

Lake View 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential development.