Guideline Value for Lake View Street

Lake View Street guideline value

The current guideline value of Lake View Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified under Residential Class II Type - I.

How the guideline value of Lake View Street has changed

The guideline value for Lake View Street has seen several revisions over the years. The earliest recorded figure is from the 2017 revision, which 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 revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 for Lake View 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 with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, making Lake View Street's 2024 figure below this median.

• Lake View Road/Ayyappa Nagar: Rs 2,200 per sq.ft (2024)
• Lake View Street Iyappa Nagar: Rs 2,200 per sq.ft (2024)
• Lake view Main road: Rs 2,200 per sq.ft (2024)
• Lake View 9th Street: Rs 2,200 per sq.ft (2024)
• Lake View 8th Street: Rs 2,200 per sq.ft (2024)
• Lake View 7th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View 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. Please 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 Street?

The Sub Registrar Office that covers Lake View 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 critical factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lake View Street?

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

How 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, marking 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, which is higher than the current value of Lake View Street.

What are the stamp duty rates for property in Lake View Street?

The stamp duty rate for property transactions in Lake View Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Lake View Street?

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