Guideline Value for Barracks lane

Barracks lane guideline value

The current guideline value of Barracks lane, located in Vepery village under the Periamet SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - I land classification.

How the guideline value of Barracks lane has changed

Over the years, the guideline value of Barracks lane has seen several revisions. The 2007 revision set the value at Rs 800 per sq.ft, which then increased significantly to Rs 2,500 per sq.ft in the 2012 revision, marking a 213% rise. However, this value dropped to Rs 1,675 per sq.ft in the 2017 revision, a decrease of 33%. The value then rose again to Rs 2,500 per sq.ft in the 2023 revision, followed by a further increase to Rs 2,700 per sq.ft in the 2024 revision, reflecting an 8% change.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 238%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value for these streets is Rs 4,800 per sq.ft, indicating that Barracks lane's 2024 figure is below this median.

• Barracks Road: Rs 3,300 per sq.ft (2024)
• Basin Bridge Road: Rs 7,700 per sq.ft (2024)
• Basin Elephant Gate road: Rs 6,000 per sq.ft (2024)
• Bazaar Lane(Part): Rs 7,000 per sq.ft (2024)
• Beautiful Park Salai: Rs 7,000 per sq.ft (2024)
• Balarkalvi Nilayam Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Barracks lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. 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 Barracks lane?

The Sub Registrar Office that covers Barracks lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vepery. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction is accurately assessed for tax purposes.

Frequently asked questions

What is the current guideline value of Barracks lane?

The current guideline value of Barracks lane is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 238% over the years.

What is the land classification for Barracks lane?

Barracks lane is classified under Residential Class IV Type - I, indicating its designation for residential use.

Where can I find the registration office for Barracks lane?

The registration office for Barracks lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in Barracks lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.