Guideline Value for Lake view 10th Street

Lake view 10th Street guideline value

The current guideline value of Lake view 10th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Lake view 10th Street has changed

The guideline value for Lake view 10th Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision. The most recent revision in 2024 raised the value further to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from 2017 to 2024, the guideline value has increased by 64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Lake view 10th Street's 2024 figure is below this median.

• Lake view 11th Street: Rs 2,200 per sq.ft (2024)
• Lake view 12th Street: Rs 2,200 per sq.ft (2024)
• Lake View 13th Street: Rs 2,200 per sq.ft (2024)
• Lake View 13th Street/Ayyappa Nagar Extension: Rs 2,200 per sq.ft (2024)
• Lake View 14th Street: Rs 2,200 per sq.ft (2024)
• Lake View 14th Street/Ayyappa Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake view 10th 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 cost for these fees to Rs 1,98,000. Duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Lake view 10th Street?

The Sub Registrar Office that covers Lake view 10th 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 crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standard valuation.

When a property is registered, the guideline value helps determine the minimum price at which the property can be sold. Buyers and sellers must be aware of this value to ensure compliance with local regulations and to avoid any legal issues during the transaction.

Frequently asked questions

What is the current guideline value of Lake view 10th Street?

The current guideline value of Lake view 10th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64%.

What is the range of guideline values for other streets in Madipakkam-1?

The guideline values for other streets in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office located for Lake view 10th Street?

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