Guideline Value for Lake View Street

Lake View Street guideline value

The current guideline value of Lake View Street in Zaminpallavaram village, under the Pallavaram SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. The land classification for this area is 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 2003, where it was Rs 486 per sq.ft. Following that, the value increased to Rs 800 per sq.ft in 2007, marking a significant rise of 65%. In 2012, the value was revised to Rs 2,500 per sq.ft, which was a substantial increase of 213%. However, in 2017, the value decreased to Rs 1,675 per sq.ft, reflecting a drop of 33%. The 2023 revision saw the value rise to Rs 2,500 per sq.ft, and in the latest 2024 revision, it has increased to Rs 2,750 per sq.ft, a change of 10%.

The overall change from 2003 to 2024 is an increase of 466%. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value in the village is Rs 3,300 per sq.ft, indicating that Lake View Street's current figure is below this median.

• Lakshmi Garden: Rs 2,100 per sq.ft (2024)
• Kuvari V.O.C. Street: Rs 2,100 per sq.ft (2024)
• Kuvari Road Cross Street: Rs 2,100 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,160 per sq.ft (2024)
• Kuvari Road: Rs 2,100 per sq.ft (2024)
• Kuvari Mettu Street: Rs 3,300 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lake View Street?

The Sub Registrar Office that covers Lake View Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is based on a standardized value, which is important for both buyers and sellers.

Frequently asked questions

What is the current guideline value of Lake View Street?

The current guideline value of Lake View Street is Rs 2,750 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 486 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 466% over the years.

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

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

Where is the Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

What is the land classification for Lake View Street?

Lake View Street is classified as Residential Class II Type - I, which indicates the type of residential development allowed in the area.