Guideline Value for BABU LANE

Babu Lane guideline value

The current guideline value of Babu Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Babu Lane has changed

The guideline value for Babu Lane has seen several revisions over the years. In the 2007 revision, the value was set at Rs 1,800 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 178%. However, by the 2017 revision, the value decreased to Rs 3,350 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, and most recently, it has increased to Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

Notably, there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 206%, showcasing the fluctuations over the years.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value among these streets is Rs 5,500 per sq.ft, which is equal to the current guideline value of Babu Lane.

• Babu Street: Rs 5,500 per sq.ft (2024)
• Ayyavu Street: Rs 4,400 per sq.ft (2024)
• Bajanai Koil Street: Rs 5,500 per sq.ft (2024)
• Avadhanam Pappaiyar Street & Road: Rs 7,700 per sq.ft (2024)
• Avadhanam Pappaiyar 2nd Lane: Rs 6,500 per sq.ft (2024)
• Avadhanam Pappaiyar 1st Lane: Rs 6,500 per sq.ft (2024)

Stamp duty and registration fee for property in Babu Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, leading to a total cost of Rs 4,95,000. 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 Babu Lane?

The Sub Registrar Office that covers Babu Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Purasaivakkam. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration process is aligned with the current market conditions as reflected in the guideline values.

Frequently asked questions

What is the current guideline value of Babu Lane?

The current guideline value of Babu Lane is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 206% over the years.

What is the land classification for Babu Lane?

Babu Lane is classified as Residential Class III Type - I, which indicates its intended use for residential purposes.

What is the stamp duty rate for properties in Babu Lane?

The stamp duty rate for properties in Babu Lane is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.