Guideline Value for Babu Lane

Babu Lane guideline value

The current guideline value of Babu Lane in Mylapore Part 2 village is Rs 7,700 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint I SRO and is classified as 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 update in 2024 setting the value at Rs 7,700 per sq.ft, an increase from Rs 7,000 per sq.ft in 2023. This represents a change of +10% from the previous year.

Prior to 2023, the register has no figures for Babu Lane in the years 2017, 2012, 2007, 2003, and 2002. Therefore, the only available figures are from the 2023 and 2024 revisions.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Babu Lane's 2024 figure is 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, making the total cost for these fees 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.

For more information, you can use the stamp duty and registration fee calculator.

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 more details.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a crucial factor during property registration in Mylapore Part 2. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for calculating the financial obligations associated with the transaction. Buyers should be aware that the stamp duty and registration fees are based on the higher of the guideline value or the sale price.

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 much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased from Rs 7,000 per sq.ft to Rs 7,700 per sq.ft, which is a change of +10%.

What is the land classification of Babu Lane?

Babu Lane is classified as Residential Class II Type - I under the Chennai Central Joint I SRO.

Where can I find the registration office for Babu Lane?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, which affects the stamp duty and registration fees. It is essential for buyers and sellers to understand that these fees are based on the higher of the guideline value or the sale price.