Guideline Value for Lake View Road (W.M)

Lake View Road (W.M) guideline value

The current guideline value of Lake View Road (W.M) is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO, and is classified as Residential Class II Type - II.

How the guideline value of Lake View Road (W.M) has changed

The guideline value of Lake View Road (W.M) has seen significant changes over the years. In the 2007 revision, the value was Rs 1,860 per sq.ft. This increased to Rs 6,000 per sq.ft in the 2012 revision, marking a 223% rise. The most recent revision in 2024 set the value at Rs 6,600 per sq.ft, reflecting a 10% increase from the 2012 figure. There are no figures available for the revisions in 2023, 2017, 2003, and 2002 for this street.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 255%. This substantial rise highlights the changes in the valuation of properties in this area over time.

Guideline values in Kodambakkam

Kodambakkam village features 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Lake View Road (W.M) above this median.

• Lake View Road Extension (W.M): Rs 6,600 per sq.ft (2024)
• Lakeview Road 2nd Lane (W.M): Rs 6,000 per sq.ft (2024)
• Lakshmanan Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Lake Street (Erikkarai Street)(N.P): Rs 3,300 per sq.ft (2024)
• Lakshmi Ammal Street Block 80: Rs 4,100 per sq.ft (2024)
• Kuthadum Pillaiyar Koil Steet: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View Road (W.M)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty, charged at 7%, would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. It is important to note that 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 details.

Which Sub Registrar Office covers Lake View Road (W.M)?

The Sub Registrar Office that covers Lake View Road (W.M) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is in compliance with legal requirements.

When a property is sold, the guideline value is referenced to ascertain the applicable fees, which are calculated based on the higher of the guideline value or the sale price. This ensures that all transactions are fairly assessed and documented during the registration process.

Frequently asked questions

What is the current guideline value of Lake View Road (W.M)?

The current guideline value of Lake View Road (W.M) is Rs 6,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased from Rs 1,860 per sq.ft to Rs 6,600 per sq.ft in 2024, marking an overall increase of 255%.

What is the land classification for Lake View Road (W.M)?

Lake View Road (W.M) is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the registration office for Lake View Road (W.M)?

The registration office for Lake View Road (W.M) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Kodambakkam?

Stamp duty for properties in Kodambakkam is calculated based on the higher of the guideline value or the sale price. The current rate for stamp duty is 7%, and the registration fee is 2% of the guideline value.