Guideline Value for BEGUM SAHIB 2ND LANE

Begum Sahib 2nd Lane guideline value

The current guideline value of Begum Sahib 2nd 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 is classified as Residential Class V Type - II.

How the guideline value of Begum Sahib 2nd Lane has changed

The guideline value for Begum Sahib 2nd Lane has seen significant changes over the years. In 2002, the guideline value was Rs 602 per sq.ft, which increased to Rs 669 per sq.ft in 2003, marking an increase of 11%. By 2007, the value jumped dramatically to Rs 900 per sq.ft, reflecting a 35% rise. The 2012 revision saw a substantial increase to Rs 4,500 per sq.ft, which was a remarkable 400% increase from the 2007 figure.

As of the 2024 revision, the guideline value has reached Rs 4,900 per sq.ft, representing a 9% increase from the 2012 value. Overall, from 2002 to 2024, the guideline value has increased by 714%. It is important to note that the register has no figures for the years 2017 and 2023 for this street.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Rs 4,900 per sq.ft for Begum Sahib 2nd Lane is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, while the registration fee at 2% would be Rs 98,000, bringing the total fees together to Rs 4,41,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Begum Sahib 2nd Lane?

The Sub Registrar Office that covers Begum Sahib 2nd 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mylapore. It determines the minimum value at which the property can be registered, ensuring that the transaction is recorded at a value that reflects the official assessment of the property’s worth.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Begum Sahib 2nd Lane?

The current guideline value of Begum Sahib 2nd Lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 602 per sq.ft to Rs 4,900 per sq.ft in 2024, marking an overall increase of 714% over this period.

What is the land classification for Begum Sahib 2nd Lane?

Begum Sahib 2nd Lane is classified as Residential Class V Type - II under the Mylapore SRO.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What fees are associated with buying property in Begum Sahib 2nd Lane?

When buying property in Begum Sahib 2nd Lane, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the higher of the guideline value or the sale price.