Guideline Value for Lake View 4th Street

Lake View 4th Street guideline value

The current guideline value of Lake View 4th 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. The land classification for this area is Residential Class II Type - I.

How the guideline value of Lake View 4th Street has changed

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. 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 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Lake View 4th 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 in this area is Rs 2,750 per sq.ft, making the 2024 figure for Lake View 4th Street below that median.

• Lake View 1st Street: Rs 2,200 per sq.ft (2024)
• Lake View 2nd Street: Rs 2,200 per sq.ft (2024)
• Lake View 3rd Street: Rs 2,200 per sq.ft (2024)
• Lake View 4th Street/Ayyappa Nagar: Rs 2,200 per sq.ft (2024)
• Lake View 5th Street: Rs 2,200 per sq.ft (2024)
• Lake View 6th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View 4th 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, while the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Lake View 4th Street?

The Sub Registrar Office that covers Lake View 4th 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 information.

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

The guideline value is an essential factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum price at which a property can be sold or purchased, ensuring that the registration reflects a fair value.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees. Buyers and sellers must be aware of this value, as it directly impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Lake View 4th Street?

The current guideline value of Lake View 4th 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 changed from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023, and now to Rs 2,200 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What is the land classification for Lake View 4th Street?

Lake View 4th Street is classified under Residential Class II Type - I.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7%, and the registration fee is 2%. For a property with a guideline value of Rs 22,00,000, the total fees would be Rs 1,98,000.

Which office handles property registrations for Lake View 4th Street?

The Velacheri Sub Registrar Office handles property registrations for Lake View 4th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.