Guideline Value for Lake view Street (Erikkarai Street)

Lake view Street (Erikkarai Street) guideline value

The current guideline value of Lake view Street (Erikkarai Street) is Rs 2,530 per sq.ft. This street is located in Kilkattalai village, under the Pallavaram SRO, and is classified as Residential Class I Type - II.

How the guideline value of Lake view Street (Erikkarai Street) has changed

The guideline value for Lake view Street (Erikkarai Street) has seen significant changes over the years. In 2003, the guideline value was Rs 156 per sq.ft, which increased to Rs 500 per sq.ft in 2007. Following that, it rose sharply to Rs 2,300 per sq.ft in 2012, but then decreased to Rs 1,541 per sq.ft in 2017. The 2023 revision set the value at Rs 2,300 per sq.ft, and the latest revision in 2024 has increased it to Rs 2,530 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1,522%. The register does not have a figure for the year 2002 for this street.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,530 per sq.ft, which is the same as the current guideline value for Lake view Street (Erikkarai Street).

• Lakshmi Colony: Rs 2,530 per sq.ft (2024)
• Lakshmi Colony Extn: Rs 2,530 per sq.ft (2024)
• Lakshmiram Nagar: Rs 2,160 per sq.ft (2024)
• Kumaran Nagar Saroja Ammal Street: Rs 2,530 per sq.ft (2024)
• Kumaran Nagar: Rs 2,530 per sq.ft (2024)
• Kumaran Colony: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Lake view Street (Erikkarai Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total costs together to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lake view Street (Erikkarai Street)?

The Sub Registrar Office that covers Lake view Street (Erikkarai 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 details.

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

The guideline value is a crucial factor during the registration of property transactions in Kilkattalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state collects appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal value of the property, which is essential for transparency in transactions. It is important for buyers and sellers to be aware of the current guideline value to make informed decisions.

Frequently asked questions

What is the current guideline value of Lake view Street (Erikkarai Street)?

The current guideline value of Lake view Street (Erikkarai Street) is Rs 2,530 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 156 per sq.ft in 2003 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 1,522% over this period.

What is the median guideline value in Kilkattalai?

The median guideline value in Kilkattalai village is Rs 2,530 per sq.ft, which is the same as the current guideline value for Lake view Street (Erikkarai Street).

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

For a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100 and the registration fee would be Rs 50,600, totaling Rs 2,27,700.

Which office handles property registrations for Lake view Street (Erikkarai Street)?

The Pallavaram Sub Registrar Office handles property registrations for Lake view Street (Erikkarai Street), located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.