Guideline Value for Bank Staff 2nd lane*

Bank Staff 2nd lane* guideline value

The current guideline value of Bank Staff 2nd lane* is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village, under the Chennai North Joint I SRO, and is classified as Residential Class I Type - III.

How the guideline value of Bank Staff 2nd lane* has changed

The guideline value for Bank Staff 2nd lane* has undergone several revisions over the years. In 2002, the value was Rs 1,232 per sq.ft. It increased to Rs 1,400 per sq.ft in 2003, followed by a rise to Rs 1,500 per sq.ft in 2007. The value then saw a significant jump to Rs 4,500 per sq.ft in 2012, but it dropped to Rs 3,015 per sq.ft by 2017. The most recent revisions show an increase to Rs 4,500 per sq.ft in 2023 and finally to Rs 4,900 per sq.ft in 2024.

Between these revisions, the guideline value changed as follows: from 2002 to 2003, it increased by 14%; from 2003 to 2007, it rose by 7%; from 2007 to 2012, it surged by 200%; however, from 2012 to 2017, it decreased by 33%. The value then increased by 49% from 2017 to 2023, and finally, there was a 9% increase from 2023 to 2024. There are no figures available for any other years on this street.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value of Bank Staff 2nd lane* is below this median.

• Bank Cell lanes[4Roads]+: Rs 4,900 per sq.ft (2024)
• Bearer street: Rs 4,900 per sq.ft (2024)
• Bakers street (Broadway): Rs 7,700 per sq.ft (2024)
• Bakers lane: Rs 4,900 per sq.ft (2024)
• Azis Street: Rs 3,800 per sq.ft (2024)
• Bookers lane+: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Bank Staff 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 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 fees to Rs 4,41,000. 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 accurate calculations.

Which Sub Registrar Office covers Bank Staff 2nd lane*?

The Sub Registrar Office that covers Bank Staff 2nd 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 plays a crucial role in property transactions in Muthialpet. It is used to determine the stamp duty and registration fees applicable during the registration of property. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bank Staff 2nd lane*?

The current guideline value of Bank Staff 2nd 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 multiple times, starting from Rs 1,232 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting various increases and decreases over the years.

What is the land classification for Bank Staff 2nd lane*?

Bank Staff 2nd lane* is classified as Residential Class I Type - III, indicating its designation for residential use.

How is the stamp duty calculated for properties in Bank Staff 2nd lane*?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 4,41,000.

Where can I find the Sub Registrar Office for Bank Staff 2nd lane*?

The Sub Registrar Office for Bank Staff 2nd lane* is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.