Guideline Value for Lake-Bound Street

Lake-Bound Street guideline value

The current guideline value of Lake-Bound Street is Rs 950 per sq.ft. This street is located in Selaiyur village under the Selaiyur SRO, classified as Residential Class IV Type - II.

How the guideline value of Lake-Bound Street has changed

In the 2012 revision, the guideline value was Rs 900 per sq.ft. This value then decreased to Rs 603 per sq.ft in the 2017 revision, marking a decline of 33%. However, in 2023, the value increased to Rs 900 per sq.ft, and in the latest 2024 revision, it rose again to Rs 950 per sq.ft, reflecting a 6% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has seen a slight increase of 6%. The register has no figures for the years 2002, 2003, and 2007 regarding this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Lake-Bound Street's 2024 figure below this median.

• K.V.N. Nagar: Rs 1,300 per sq.ft (2024)
• Lakshmi Avenue: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,900 per sq.ft (2024)
• Lakshmi Nagar Ext: Rs 3,750 per sq.ft (2024)
• Kundalakesi Nagar Ganesh Nagar: Rs 2,900 per sq.ft (2024)
• Lalbagadur Sastri Street: Rs 950 per sq.ft (2024)

Stamp duty and registration fee for property in Lake-Bound Street

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value amounts to Rs 9,50,000. The stamp duty at 7% would be Rs 66,500, and the registration fee at 2% would be Rs 19,000, together totaling Rs 85,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lake-Bound Street?

The Sub Registrar Office that covers Lake-Bound Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Selaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being sold or purchased.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Lake-Bound Street?

The current guideline value of Lake-Bound Street is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then back to Rs 900 per sq.ft in 2023, and currently stands at Rs 950 per sq.ft in 2024.

What is the land classification of Lake-Bound Street?

Lake-Bound Street is classified as Residential Class IV Type - II, indicating its designation for residential use.

What are the stamp duty and registration fees for properties in Lake-Bound Street?

For a property valued at Rs 9,50,000, the stamp duty would be Rs 66,500 and the registration fee would be Rs 19,000, totaling Rs 85,500. This is based on the current guideline value.

Which Sub Registrar Office covers the registration for Lake-Bound Street?

The Selaiyur Sub Registrar Office covers the registration for Lake-Bound Street, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.