Guideline Value for Babu Lane

Babu Lane guideline value

The current guideline value of Babu Lane is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Babu Lane has changed

The guideline value for Babu Lane has seen revisions over the years, with the most recent change being an increase from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024, marking a 10% rise. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2023 revision, the guideline values for Babu Lane were not recorded. The 2023 figure of Rs 7,000 per sq.ft was the first recorded value in recent history, reflecting a significant change from previous years where no data was available.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are a total of 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Babu Lane's 2024 figure below this median.

• Babu Street: Rs 7,700 per sq.ft (2024)
• Ayya Street: Rs 7,700 per sq.ft (2024)
• Bajooriars Street: Rs 7,700 per sq.ft (2024)
• Avvai Shanmugam Salai (Lloyds Road): Rs 13,200 per sq.ft (2024)
• Bakthavatsalam Street: Rs 7,700 per sq.ft (2024)
• Austin Nagar 2nd Street: Rs 12,100 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 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Babu Lane?

Babu Lane is covered by the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor during the registration process of property transactions in Mylapore Part 1. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a value that reflects the current market conditions.

When buying or selling property, the guideline value helps both buyers and sellers understand the financial implications of their transactions. It is essential to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Babu Lane?

The current guideline value of Babu Lane is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024, marking a 10% increase. There are no recorded figures for the years 2017, 2012, 2007, 2003, and 2002 for Babu Lane.

What is the median guideline value in Mylapore Part 1?

The median guideline value in Mylapore Part 1 is Rs 8,800 per sq.ft, with Babu Lane's value being below this median.

What are the stamp duty and registration fees for properties in Babu Lane?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000. The duty is charged on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Babu Lane?

The Sub Registrar Office covering Babu Lane is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office is part of the Chennai Central Joint I SRO.