Guideline Value for Lake view Main road

Lake view Main road guideline value

The current guideline value of Lake view Main road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road 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 Main road has changed

The guideline value for Lake view Main road has seen several revisions over the years. The oldest recorded revision is from 2017, where the value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing the guideline value of Lake view Main road below this median.

• Lake View Road/Ayyappa Nagar: Rs 2,200 per sq.ft (2024)
• Lake View 9th Street: Rs 2,200 per sq.ft (2024)
• Lake View Street: Rs 2,200 per sq.ft (2024)
• Lake View 8th Street: Rs 2,200 per sq.ft (2024)
• Lake View 7th Street: Rs 2,200 per sq.ft (2024)
• Lake View 6th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake view Main road

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 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.

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

Which Sub Registrar Office covers Lake view Main road?

The Sub Registrar Office that covers Lake view Main road 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 plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the property is valued fairly in accordance with the prevailing market conditions.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the applicable stamp duty and registration fees. This helps in maintaining transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Lake view Main road?

The current guideline value of Lake view Main road 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, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for property on this road?

For a 1,000 sq.ft plot on Lake view Main road, the total guideline value is Rs 22,00,000, leading to a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers this area?

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

What is the land classification for Lake view Main road?

Lake view Main road is classified as Residential Class II Type - I, indicating its suitability for residential development.