Guideline Value for Lakeview Street

Lakeview Street guideline value

The current guideline value of Lakeview Street in Kovilpathagai village, under the Ambattur SRO, is Rs 880 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Lakeview Street has changed

The guideline value for Lakeview Street has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 800 per sq.ft. In 2017, it decreased to Rs 536 per sq.ft, marking a decline of 33%. However, by 2023, the value had risen significantly to Rs 800 per sq.ft, and further increased to Rs 880 per sq.ft in the 2024 revision, reflecting a 10% rise.

Between 2017 and 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kovilpathagai

Kovilpathagai village has a total of 278 streets under the Ambattur SRO that carry a 2024 guideline value, ranging from Rs 803 to Rs 2,900 per sq.ft. The median guideline value in this area is Rs 870 per sq.ft, placing Lakeview Street's 2024 figure above that median.

• Kuppammal Street: Rs 880 per sq.ft (2024)
• Lakshmipathi Street: Rs 805 per sq.ft (2024)
• Kulakkarai Street: Rs 805 per sq.ft (2024)
• Krishtappa Street: Rs 880 per sq.ft (2024)
• Lotus Nagar: Rs 803 per sq.ft (2024)
• Krishna Murthi Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Lakeview Street

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty, charged at 7%, amounts to Rs 61,600, and the registration fee at 2% is Rs 17,600, totaling Rs 79,200. 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 Lakeview Street?

The Sub Registrar Office that covers Lakeview Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is an important factor when registering property transactions in Kovilpathagai. It serves as a benchmark for determining the stamp duty and registration fees payable during the sale or purchase of property.

When you buy or sell property, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakeview Street?

The current guideline value of Lakeview Street is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2012 to Rs 536 per sq.ft in 2017, then increased to Rs 800 per sq.ft in 2023, and finally to Rs 880 per sq.ft in 2024.

What is the land classification of Lakeview Street?

Lakeview Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Lakeview Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot at Rs 880 per sq.ft, the total fees would amount to Rs 79,200.

Which office handles property registrations for Lakeview Street?

The Ambattur Sub Registrar Office handles property registrations for Lakeview Street, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.