Guideline Value for Lake View Colony Phase -I

Lake View Colony Phase -I guideline value

The current guideline value of Lake View Colony Phase -I is Rs 175 per sq.ft, effective from 1 July 2024. This locality is situated in Arayapakkam village and falls under the Madurandakam SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Lake View Colony Phase -I has changed

The guideline value for Lake View Colony Phase -I has undergone several revisions over the years. The 2007 revision set the value at Rs 60 per sq.ft, which increased significantly to Rs 175 per sq.ft in the 2012 revision. However, in the 2017 revision, it decreased by 33% to Rs 117 per sq.ft. The value then rose by 50% in the 2023 revision to Rs 175 per sq.ft, remaining unchanged in the 2024 revision.

There are no figures available for the revisions in 2002 and 2003 for Lake View Colony Phase -I. Overall, from 2007 to 2024, the guideline value has increased by 192%.

Guideline values in Arayapakkam

In Arayapakkam, there are 15 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 120 to Rs 400 per sq.ft, with the median value being Rs 203 per sq.ft. The guideline value for Lake View Colony Phase -I is below this median.

• High Way Park: Rs 120 per sq.ft (2024)
• G.K. Sri Balaji Nagar: Rs 203 per sq.ft (2024)
• Ramya Reng & Ramya Ramaa: Rs 202 per sq.ft (2024)
• Rayal City Phase-II: Rs 200 per sq.ft (2024)
• Roja Nagar: Rs 203 per sq.ft (2024)
• Royal City Phase - I Ext: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View Colony Phase -I

For a 1,000 sq.ft plot at the current guideline value of Rs 175 per sq.ft, the total guideline value would be Rs 1,75,000. The stamp duty at 7% would amount to Rs 12,250, and the registration fee at 2% would be Rs 3,500, leading to a total of Rs 15,750. It is important to note that 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 details.

Which Sub Registrar Office covers Lake View Colony Phase -I?

The Sub Registrar Office that covers Lake View Colony Phase -I is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Arayapakkam

The guideline value is a crucial factor when registering property transactions in Arayapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable on the property being bought or sold.

When a buyer or seller approaches the Sub Registrar Office, the guideline value will be used to calculate the necessary fees, ensuring that the transaction is in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Lake View Colony Phase -I?

The current guideline value of Lake View Colony Phase -I is Rs 175 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 maintaining the value at Rs 175 per sq.ft, while it was Rs 117 per sq.ft in 2017.

What is the land classification of Lake View Colony Phase -I?

The land classification for Lake View Colony Phase -I is Residential Special Type - II.

Where is the Madurandakam Sub Registrar Office located?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a plot of 1,000 sq.ft at Rs 175 per sq.ft would incur a stamp duty of Rs 12,250.