Guideline Value for Cathedral Garden Lane

Cathedral Garden Lane guideline value

The current guideline value of Cathedral Garden Lane is Rs 10,400 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Cathedral Garden Lane has changed

Over the years, the guideline value for Cathedral Garden Lane has seen several revisions. The 2007 revision set the value at Rs 4,700 per sq.ft, which increased significantly to Rs 9,500 per sq.ft in 2012. However, there was a notable decrease to Rs 6,365 per sq.ft in 2017. Following this, the value rose to Rs 9,500 per sq.ft in 2023, and most recently, it has increased to Rs 10,400 per sq.ft in 2024.

In terms of percentage changes, the value increased by 102% from 2007 to 2012, then decreased by 33% from 2012 to 2017. The value saw a substantial increase of 49% from 2017 to 2023, followed by a 9% rise from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 121%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft, with a median value of Rs 8,800 per sq.ft. Cathedral Garden Lane's 2024 guideline value is above this median.

• Cathedral Garden Road: Rs 12,600 per sq.ft (2024)
• Brown Stone Apartments: Rs 11,500 per sq.ft (2024)
• Bootha Perumal Naiken Lane: Rs 8,800 per sq.ft (2024)
• Bootha Perumal Naicken St: Rs 8,800 per sq.ft (2024)
• Binny Road: Rs 12,600 per sq.ft (2024)
• Chokalingam Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Cathedral Garden Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 10,400 per sq.ft, the total guideline value would be Rs 1,04,00,000. The stamp duty at 7% would amount to Rs 7,28,000, and the registration fee at 2% would be Rs 2,08,000, totaling Rs 9,36,000. It is important to note that the 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 Cathedral Garden Lane?

The Sub Registrar Office that covers Cathedral Garden Lane is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is legally recognized and recorded.

When buying or selling property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Cathedral Garden Lane?

The current guideline value of Cathedral Garden Lane is Rs 10,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,700 per sq.ft in 2007 to Rs 10,400 per sq.ft in 2024, showing an overall increase of 121% during this period.

What is the stamp duty rate for properties in Cathedral Garden Lane?

The stamp duty rate for properties in Cathedral Garden Lane is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Cathedral Garden Lane?

The Sub Registrar Office for Cathedral Garden Lane is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Cathedral Garden Lane?

The land classification for Cathedral Garden Lane is Commercial Class I Type - I, indicating its designation for commercial use.