Guideline Value for Barlin Basin Street (Elephant Gate Street)

Barlin Basin Street (Elephant Gate Street) guideline value

The current guideline value of Barlin Basin Street (Elephant Gate Street) is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Barlin Basin Street (Elephant Gate Street) has changed

The guideline value for Barlin Basin Street has seen several revisions over the years. Starting from the 2003 revision at Rs 1,468 per sq.ft, it increased to Rs 2,000 per sq.ft in 2007. The 2012 revision saw a rise to Rs 5,500 per sq.ft, but this was followed by a decrease to Rs 3,685 per sq.ft in 2017. The value then increased significantly to Rs 5,500 per sq.ft in 2023 and reached the current figure of Rs 6,000 per sq.ft in 2024.

In terms of percentage changes, the value increased by 36% from 2003 to 2007, then surged by 175% from 2007 to 2012. However, it dropped by 33% from 2012 to 2017. The subsequent increase from 2017 to 2023 was 49%, followed by a 9% rise from 2023 to 2024. Notably, the register has no figure for Barlin Basin Street for the year 2002.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Barlin Basin Street is above this median.

• Barracks 1st Lane: Rs 4,900 per sq.ft (2024)
• Barracks 2nd Lane: Rs 4,900 per sq.ft (2024)
• Barracks Road (Anjaneyar Koil Street): Rs 4,900 per sq.ft (2024)
• Bashiyakkara Naidu Street: Rs 5,500 per sq.ft (2024)
• Basin Bridge Road: Rs 6,000 per sq.ft (2024)
• Basin Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Barlin Basin Street (Elephant Gate Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, making the total Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Barlin Basin Street (Elephant Gate Street)?

The Sub Registrar Office that covers Barlin Basin Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these fees are based on a standard value rather than the negotiated sale price.

When a property is registered, the authorities will assess the guideline value to determine the applicable fees. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Barlin Basin Street?

The current guideline value of Barlin Basin Street (Elephant Gate Street) is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,468 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, reflecting various increases and decreases across the revisions.

What is the land classification for Barlin Basin Street?

The land classification for Barlin Basin Street is Residential Special Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is calculated at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total fee of Rs 5,40,000.

Where is the Sub Registrar Office for Barlin Basin Street located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01, and it covers the registration for Barlin Basin Street.