Guideline Value for Lake View 5th Street

Lake View 5th Street guideline value

The current guideline value of Lake View 5th 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 and is classified as Residential Class II Type - I.

How the guideline value of Lake View 5th Street has changed

The guideline value for Lake View 5th Street has seen significant changes over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision has set the value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

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

• Lake View 4th Street/Ayyappa Nagar: Rs 2,200 per sq.ft (2024)
• Lake View 6th Street: Rs 2,200 per sq.ft (2024)
• Lake View 4th Street: Rs 2,200 per sq.ft (2024)
• Lake View 7th Street: Rs 2,200 per sq.ft (2024)
• Lake View 3rd Street: Rs 2,200 per sq.ft (2024)
• Lake View 8th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View 5th Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Lake View 5th Street?

The Sub Registrar Office that covers Lake View 5th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that buyers and sellers must pay during the transaction.

When a property is bought or sold, the guideline value is referenced to ensure that the transaction is recorded accurately. This value helps in maintaining transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Lake View 5th Street?

The current guideline value of Lake View 5th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much 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, reflecting a total increase of 64% over this period.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, making the current value of Lake View 5th Street below this median.

What are the stamp duty and registration fees for property in Lake View 5th Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Lake View 5th Street located?

The Sub Registrar Office for Lake View 5th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.