Guideline Value for CHURCH LANE

Church Lane guideline value

The current guideline value of Church Lane in Purasaivakkam village, under the Purasaivakkam SRO, is Rs 6,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Church Lane has changed

In the 2007 revision, the guideline value was Rs 2,600 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in the 2012 revision, marking a 131% rise. However, in the 2017 revision, the value dropped to Rs 4,020 per sq.ft, representing a decrease of 33%. Following this, the value saw a substantial increase to Rs 6,000 per sq.ft in the 2023 revision, which was a 49% rise from the previous figure.

The current guideline value of Rs 6,500 per sq.ft, effective from 1 July 2024, reflects an 8% increase from the 2023 revision. The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 150%.

Guideline values in Purasaivakkam

Within Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, placing Church Lane's 2024 figure above this median.

• C.I.D Road: Rs 4,900 per sq.ft (2024)
• C.I.D Road 1st Street: Rs 4,900 per sq.ft (2024)
• C.I.D Road 2nd Street: Rs 4,900 per sq.ft (2024)
• C.I.D Road 3rd Street: Rs 4,900 per sq.ft (2024)
• C.I.D Road 4th Street: Rs 4,900 per sq.ft (2024)
• Choolai Bazar Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Church Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value would be Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, and the registration fee at 2% would be Rs 1,30,000, making the total fees together Rs 5,85,000. It is important to note that 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 more details.

Which Sub Registrar Office covers Church Lane?

The Sub Registrar Office covering Church Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration, ensuring that the government receives the appropriate revenue from property sales.

When you buy or sell a property, the guideline value is assessed to ensure compliance with the legal requirements for registration. Buyers should be aware that the guideline value may differ from the actual sale price, but the higher of the two will be considered for calculating the applicable fees.

Frequently asked questions

What is the current guideline value of Church Lane?

The current guideline value of Church Lane is Rs 6,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,600 per sq.ft in 2007 to Rs 6,500 per sq.ft in 2024, reflecting an overall increase of 150% over this period.

What is the land classification for Church Lane?

Church Lane is classified as Residential Class II Type - II under the current land classification system.

Where is the Sub Registrar Office for Church Lane located?

The Sub Registrar Office for Church Lane is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Church Lane?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For a property valued at Rs 65,00,000, the stamp duty would be Rs 4,55,000 at a rate of 7%.