Guideline Value for Bakers lane

Bakers lane guideline value

The current guideline value of Bakers lane in Muthialpet village is Rs 4,900 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - III.

How the guideline value of Bakers lane has changed

The guideline value for Bakers lane has undergone several revisions over the years. In 2002, the value was Rs 1,090 per sq.ft, which increased to Rs 1,239 per sq.ft in 2003, marking a 14% rise. The value continued to increase to Rs 1,500 per sq.ft in 2007, reflecting a 21% change. By 2012, it reached Rs 4,500 per sq.ft, showing a significant increase of 200% from the previous revision.

From 2012 to 2017, the value decreased to Rs 3,015 per sq.ft, a drop of 33%. The next revision in 2023 saw it rise again to Rs 4,500 per sq.ft, which was a 49% increase. Finally, the current guideline value for 2024 is Rs 4,900 per sq.ft, reflecting a 9% increase from the previous year.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO, with guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value is Rs 5,500 per sq.ft, placing Bakers lane's 2024 figure below this median.

• Bakers street (Broadway): Rs 7,700 per sq.ft (2024)
• Azis Street: Rs 3,800 per sq.ft (2024)
• Ayyasamy street*: Rs 5,500 per sq.ft (2024)
• Ayyasamy2nd lane: Rs 5,500 per sq.ft (2024)
• Ayyasamy 1st lane: Rs 5,500 per sq.ft (2024)
• Ayyapa street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Bakers lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total 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, bringing the total to 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 further calculations.

Which Sub Registrar Office covers Bakers lane?

The Sub Registrar Office covering Bakers lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Muthialpet, as it determines the amount of stamp duty and registration fees payable. Buyers should be aware that the guideline value is often used to assess the value of the property for registration purposes.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and fairly. It serves as a benchmark for the legal documentation required during the registration process, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Bakers lane?

The current guideline value of Bakers 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 changed several times, starting from Rs 1,090 per sq.ft in 2002 to the current value of Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 350%.

What are the stamp duty and registration fees for property in Bakers lane?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which Sub Registrar Office covers Bakers lane?

The Chennai North Joint I Sub Registrar Office covers Bakers lane, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

What is the land classification of Bakers lane?

Bakers lane is classified as Residential Class I Type - III under the Chennai North Joint I SRO.