Guideline Value for Lake view Street

Lake view Street guideline value

The current guideline value of Lake view Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Hastinapuram village under the Pallavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Lake view Street has changed

The guideline value for Lake view Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 400 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in the 2012 revision, marking a 275% rise. However, in the 2017 revision, the value dropped to Rs 1,005 per sq.ft, reflecting a decrease of 33%. The 2023 revision saw another increase, bringing the value to Rs 1,500 per sq.ft, followed by a further rise to Rs 1,650 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 313%. It is important to note that the register does not have figures for Lake view Street for the years 2002 and 2003.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, indicating that Lake view Street's current guideline value is below this median.

• Lakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Kuppu Naickenpettai: Rs 3,850 per sq.ft (2024)
• Kumaran Kundram Main Road: Rs 1,650 per sq.ft (2024)
• Krishna Nagar Manickam Street: Rs 3,300 per sq.ft (2024)
• Mahadevan Street: Rs 2,970 per sq.ft (2024)
• Krishna Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Lake view Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty, calculated at 7%, would be Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for these fees would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lake view Street?

The Sub Registrar Office that covers Lake view Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the fair value of the property being transacted. It is essential for buyers to be aware of the guideline value to ensure they are paying a fair price and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Lake view Street?

The current guideline value of Lake view Street is Rs 1,650 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 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 313% over this period.

What are the other streets in Hastinapuram and their guideline values?

Other streets in Hastinapuram include Lakshmi Nagar at Rs 1,650 per sq.ft, Kuppu Naickenpettai at Rs 3,850 per sq.ft, and Mahadevan Street at Rs 2,970 per sq.ft, among others.

What is the stamp duty and registration fee for property in Lake view Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 16,50,000, with a stamp duty of Rs 1,15,500 and a registration fee of Rs 33,000, totaling Rs 1,48,500.

Which office handles the registration for Lake view Street?

The registration for Lake view Street is handled by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.