Guideline Value for Lake View 9th Street

Lake View 9th Street guideline value

The current guideline value of Lake View 9th 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 9th Street has changed

The guideline value for Lake View 9th Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in the 2023 revision. The latest revision in 2024 has 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 2024 revision, the guideline value has increased by 64%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for Lake View 9th Street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with guideline values 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 9th Street’s 2024 figure below this median.

• Lake View 8th Street: Rs 2,200 per sq.ft (2024)
• Lake View 7th Street: Rs 2,200 per sq.ft (2024)
• Lake View 6th Street: Rs 2,200 per sq.ft (2024)
• Lake View 5th Street: Rs 2,200 per sq.ft (2024)
• Lake View 4th Street/Ayyappa Nagar: 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 9th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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 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 9th Street?

The Sub Registrar Office that covers Lake View 9th 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 a property in Madipakkam-1. It serves as the minimum value for which a property can be registered, ensuring that the registration process reflects a fair valuation based on the prevailing rates in the area.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. This ensures that the government receives appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Lake View 9th Street?

The current guideline value of Lake View 9th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

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

What are the stamp duty and registration fees for a property in Lake View 9th Street?

For a property valued at 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, totaling Rs 1,98,000.

Which office handles property registrations for Lake View 9th Street?

The Velacheri Sub Registrar Office handles property registrations for Lake View 9th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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, which is higher than the current guideline value of Lake View 9th Street.