Guideline Value for Lakeview Club Phase-II

Lakeview Club Phase-II guideline value

The current guideline value of Lakeview Club Phase-II is Rs 330 per sq.ft, effective from 1 July 2024. This property is located in Pammathukulam village under the Redhills SRO, classified as Residential Class III Type - I.

How the guideline value of Lakeview Club Phase-II has changed

Since the 2007 revision, the guideline value has seen significant changes. In 2007, the value was Rs 100 per sq.ft, which increased to Rs 300 per sq.ft in 2012. However, it dropped to Rs 201 per sq.ft in 2017. The value then rose to Rs 300 per sq.ft in 2023, and currently stands at Rs 330 per sq.ft as of the 2024 revision. Notably, there are no figures for the years 2002 and 2003 in the register for this street.

Between the revisions, the changes were as follows: from 2007 to 2012, there was a substantial increase of 200%; from 2012 to 2017, a decrease of 33%; followed by a significant increase of 49% from 2017 to 2023; and finally, a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Pammathukulam

In Pammathukulam, there are 101 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 825 per sq.ft, with a median value of Rs 550 per sq.ft. Lakeview Club Phase-II's current guideline value is below this median.

• Lake View Club: Rs 330 per sq.ft (2024)
• Lake View Club Phase III & IV: Rs 330 per sq.ft (2024)
• Kumaran Nagr Part - II: Rs 550 per sq.ft (2024)
• KUMARAN CITY Extn: Rs 660 per sq.ft (2024)
• Krish City Phase - II: Rs 660 per sq.ft (2024)
• Krish City: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Lakeview Club Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, bringing the total fees to Rs 29,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Lakeview Club Phase-II?

The Sub Registrar Office that covers Lakeview Club Phase-II is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

When buying or selling property in Pammathukulam, the guideline value plays a crucial role during the registration process. It serves as a benchmark for calculating the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it ensures that the property is registered at a value that reflects the official rates set by the government, thereby preventing underreporting or overreporting of property values.

Frequently asked questions

What is the current guideline value of Lakeview Club Phase-II?

The current guideline value of Lakeview Club Phase-II is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 330 per sq.ft in 2024, reflecting an overall increase of 230% over this period.

What is the land classification for Lakeview Club Phase-II?

Lakeview Club Phase-II is classified as Residential Class III Type - I, which indicates its suitability for residential development.

What are the stamp duty rates for properties in Lakeview Club Phase-II?

The stamp duty rate for properties in Lakeview Club Phase-II is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Redhills Sub Registrar Office?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.