Guideline Value for Lake view 11th Street

Lake view 11th Street guideline value

The current guideline value of Lake view 11th 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 is classified as Residential Class II Type - I.

How the guideline value of Lake view 11th Street has changed

The guideline value for Lake view 11th Street has seen 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 2023. The latest revision in 2024 raised it further to Rs 2,200 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, reflecting a significant rise before the latest revision.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the village is Rs 2,750 per sq.ft, placing Lake view 11th Street's 2024 figure below this median.

• Lake view 10th 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 11th 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 be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the 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 precise calculations.

Which Sub Registrar Office covers Lake view 11th Street?

The Sub Registrar Office covering Lake view 11th 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 online for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value of a property, ensuring that the property is registered at a value that reflects its worth according to government standards.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of property ownership. This ensures transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Lake view 11th Street?

The current guideline value of Lake view 11th 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, reflecting an overall increase of 64% over this period.

What are the stamp duty and registration fees for properties 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.

Which Sub Registrar Office is responsible for Lake view 11th Street?

The Velacheri Sub Registrar Office is responsible for Lake view 11th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Lake view 11th Street?

Lake view 11th Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.