Guideline Value for Barracks 2nd Lane

Barracks 2nd Lane guideline value

The current guideline value of Barracks 2nd Lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Special Type - III.

How the guideline value of Barracks 2nd Lane has changed

The guideline value for Barracks 2nd Lane has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 1,160 per sq.ft. It increased to Rs 1,600 per sq.ft in 2007, marking a significant rise of 38%. The 2012 revision saw the value drop to Rs 4,500 per sq.ft, a decrease of 33%. In 2017, the value increased to Rs 3,015 per sq.ft, and then it rose sharply to Rs 4,500 per sq.ft in 2023, followed by a further increase to the current value of Rs 4,900 per sq.ft in 2024, which is a 9% rise from the previous year. The register has no figure for this street in 2002.

Overall, the guideline value has increased by 322% from Rs 1,160 per sq.ft in 2003 to Rs 4,900 per sq.ft in 2024. The increase from 2017 to 2023 was 49%, reflecting a significant change in value over the years.

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. The median value is Rs 4,400 per sq.ft, placing Barracks 2nd Lane's current guideline value above this median.

• Barracks 1st 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)
• Barlin Basin Street (Elephant Gate Street): Rs 6,000 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 Barracks 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 would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Barracks 2nd Lane?

The Sub Registrar Office that covers Barracks 2nd Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor in property transactions in Muthiyalpet, as it determines the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value serves as a reference point for taxation purposes. It is crucial for both parties to be aware of the current guideline value to avoid any discrepancies during the registration of the property.

Frequently asked questions

What is the current guideline value of Barracks 2nd Lane?

The current guideline value of Barracks 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 increased significantly from Rs 1,160 per sq.ft in 2003 to Rs 4,900 per sq.ft in 2024, marking an overall increase of 322%.

What is the land classification for Barracks 2nd Lane?

Barracks 2nd Lane is classified as Residential Special Type - III under the current regulations.

What are the stamp duty and registration fees for properties in Barracks 2nd 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.

Where can I find the Sub Registrar Office for Barracks 2nd Lane?

The Sowcarpet Sub Registrar Office, which covers Barracks 2nd Lane, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.