Guideline Value for Lake view 12th Street

Lake view 12th Street guideline value

The current guideline value of Lake view 12th 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 12th Street has changed

The guideline value for Lake view 12th Street has undergone 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 significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for Lake view 12th Street in the revisions from 2002, 2003, 2007, and 2012. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Lake view 12th Street's 2024 figure below that median.

• Lake view 11th Street: Rs 2,200 per sq.ft (2024)
• Lake View 13th Street: Rs 2,200 per sq.ft (2024)
• Lake view 10th 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 12th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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 cost for these fees to Rs 1,98,000. It is important to note that the 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 precise calculations based on your property details.

Which Sub Registrar Office covers Lake view 12th Street?

The Sub Registrar Office that covers Lake view 12th 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 for property transactions in Madipakkam-1. It serves as a reference point for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is compared with the sale price, and the higher of the two amounts is used to calculate the applicable duties and fees. 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 12th Street?

The current guideline value of Lake view 12th 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, representing an overall increase of 64% during this period.

What is the land classification for Lake view 12th Street?

Lake view 12th Street is classified as Residential Class II Type - I.

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 office handles registrations for Lake view 12th Street?

The Velacheri Sub Registrar Office handles registrations for Lake view 12th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.