Guideline Value for BEGUM SAHIB 1ST LANE

Begum Sahib 1st Lane guideline value

The current guideline value of Begum Sahib 1st Lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and falls under the Residential Class V Type - II land classification.

How the guideline value of Begum Sahib 1st Lane has changed

Since the 2002 revision, the guideline value for Begum Sahib 1st Lane has seen significant changes. In 2002, the value was Rs 595 per sq.ft, which increased to Rs 661 per sq.ft in 2003, marking an 11% rise. The value continued to climb to Rs 900 per sq.ft in 2007, reflecting a 36% increase. The next revision in 2012 saw a substantial jump to Rs 4,500 per sq.ft, a remarkable 400% increase from the previous figure.

As of the 2024 revision, the guideline value stands at Rs 4,900 per sq.ft, which is a 9% increase from the 2012 figure. Overall, from 2002 to 2024, the guideline value has increased by 724%. The register has no figures for the years 2017 and 2023 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Begum Sahib 1st Lane's 2024 figure below this median.

• Begum Sahib 1st Street: Rs 4,900 per sq.ft (2024)
• Begum Sahib 2nd Lane: Rs 4,900 per sq.ft (2024)
• Begum Sahib 2nd Street: Rs 4,900 per sq.ft (2024)
• Begum Sahib 3rd Lane: Rs 4,900 per sq.ft (2024)
• Begum Sahib 3rd Street: Rs 4,900 per sq.ft (2024)
• Begum Sahib 4th Lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Begum Sahib 1st Lane

For a 1,000 sq.ft plot at the current rate of Rs 4,900 per sq.ft, the guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. 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 Begum Sahib 1st Lane?

The Sub Registrar Office that covers Begum Sahib 1st Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. It is important to note that the stamp duty is charged based on the higher of the guideline value or the sale price, which can impact the overall cost of purchasing property.

Frequently asked questions

What is the current guideline value of Begum Sahib 1st Lane?

The current guideline value of Begum Sahib 1st Lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 595 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting a total increase of 724% over the years.

What is the land classification for Begum Sahib 1st Lane?

Begum Sahib 1st Lane is classified as Residential Class V Type - II.

Where can I find the Sub Registrar Office for Begum Sahib 1st Lane?

The Sub Registrar Office for Begum Sahib 1st Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 at 7%.