Guideline Value for BARRACKS GATE LANE

Barracks Gate Lane guideline value

The current guideline value of Barracks Gate Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Barracks Gate Lane has changed

The guideline value for Barracks Gate Lane has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,800 per sq.ft, which then increased to Rs 5,000 per sq.ft in 2012. However, it decreased to Rs 3,350 per sq.ft in the 2017 revision, before rising significantly to Rs 5,000 per sq.ft in 2023, and finally reaching Rs 5,500 per sq.ft in the 2024 revision. The changes from 2012 to 2017 represented a decrease of 33%, while the jump from 2017 to 2023 marked an increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 206%.

The register does not have figures for the years 2002 and 2003 for this street. The consistent upward trend in the later revisions reflects the changing landscape of property values in the area.

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 guideline value for these streets is Rs 5,500 per sq.ft, which is equal to the current figure for Barracks Gate Lane.

• Barracks Gate Road: Rs 5,500 per sq.ft (2024)
• Barnaby Road Lane: Rs 7,700 per sq.ft (2024)
• Barnaby Road: Rs 13,200 per sq.ft (2024)
• Barnaby Avenue: Rs 13,200 per sq.ft (2024)
• Baracka Road 2nd Street Lane: Rs 5,500 per sq.ft (2024)
• Baracka Road 2nd Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Barracks Gate Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000, bringing the total fees to 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Barracks Gate Lane?

The Sub Registrar Office covering Barracks Gate Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Purasaivakkam, as it determines the minimum value at which a property can be registered. It is used to calculate the stamp duty and registration fees that must be paid during the sale or purchase of a property.

When buyers and sellers agree on a sale price, the higher of the sale price or the guideline value is used to compute the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Barracks Gate Lane?

The current guideline value of Barracks Gate 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, showing a significant increase of 206% over the years.

What are the registration fees for buying property in Barracks Gate Lane?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Which office handles property registration for Barracks Gate Lane?

The Purasaivakkam Sub Registrar Office is responsible for property registrations in Barracks Gate Lane, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the significance of the guideline value in property transactions?

The guideline value is essential in property transactions as it determines the minimum registration value and is used to calculate the applicable stamp duty and registration fees during the sale or purchase of a property.