Guideline Value for Lake View Street

Lake View Street guideline value

The current guideline value of Lake View Street in Velachery village, under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Lake View Street has changed

The guideline value for Lake View Street has undergone several revisions over the years. The earliest recorded value was Rs 1,500 per sq.ft in 2007, which increased to Rs 4,000 per sq.ft in 2012, marking a significant rise of 167%. However, it then decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. Following that, the value surged to Rs 4,000 per sq.ft in 2023, reflecting a 49% increase, before reaching the current value of Rs 4,400 per sq.ft in 2024, an increase of 10%.

It is important to note that there are no figures available for Lake View Street in the revisions of 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Lake View Street.

• Lake View Street / Brindavan Nagar: Rs 4,400 per sq.ft (2024)
• Lake Veiw Road / Mohanapuri: Rs 4,400 per sq.ft (2024)
• Lake Veiw Road / Brindavan Nagar: Rs 4,400 per sq.ft (2024)
• Lake Veiw Road: Rs 4,400 per sq.ft (2024)
• Lailtha Nagar / Pillaiyar Koil Street / Annai Inidra Nagar: Rs 4,400 per sq.ft (2024)
• Lakshmi Hygrieva Nagar: Rs 3,850 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. The duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lake View Street?

The Sub Registrar Office covering 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 Velachery

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees payable, ensuring that the transaction is recorded accurately and in compliance with local regulations.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the actual sale price, whichever is higher. This ensures that the government receives the 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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 193% over the years.

What are the stamp duty and registration fees for properties in Lake View Street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Lake View Street?

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

What is the land classification of Lake View Street?

Lake View Street is classified as Residential Class II Type - II according to the local land classification regulations.