Guideline Value for Lake View 6th Street

Lake View 6th Street guideline value

The current guideline value of Lake View 6th 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 falls under the Residential Class II Type - I land classification.

How the guideline value of Lake View 6th 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, reflecting a significant change of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, marking a further increase of 10% from the previous year.

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

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, with a median value of Rs 2,750 per sq.ft. Lake View 6th Street's 2024 guideline value is below this median.

• Lake View 5th Street: Rs 2,200 per sq.ft (2024)
• Lake View 7th Street: Rs 2,200 per sq.ft (2024)
• Lake View 4th Street/Ayyappa Nagar: Rs 2,200 per sq.ft (2024)
• Lake View 8th Street: Rs 2,200 per sq.ft (2024)
• Lake View 4th Street: Rs 2,200 per sq.ft (2024)
• Lake View 9th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View 6th 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 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Lake View 6th Street?

The Sub Registrar Office that covers Lake View 6th 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 a crucial factor when registering property in Madipakkam-1. It determines the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that the final costs may vary based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of Lake View 6th Street?

The current guideline value of Lake View 6th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, showing an overall increase of 64% over this period.

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

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.

Which Sub Registrar Office covers Lake View 6th Street?

The Velacheri Sub Registrar Office covers Lake View 6th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors including land classification and recent revisions. It serves as a benchmark for property registration in the area.