Guideline Value for Chamiers 2nd Lane

Chamiers 2nd Lane guideline value

The current guideline value of Chamiers 2nd Lane is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village, under the Chennai Central Joint I SRO, and is classified as Residential Class I Type - III.

How the guideline value of Chamiers 2nd Lane has changed

The guideline value for Chamiers 2nd Lane has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. The most recent figures are from the 2023 revision at Rs 8,000 per sq.ft and the 2024 revision at Rs 8,700 per sq.ft, showing an increase of 9% from the previous year.

In summary, the guideline value has risen from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024. This increase reflects the latest adjustments made in the Chennai Central Joint I SRO's valuation for this street.

Guideline values in Mylapore Part 1

Mylapore Part 1 has a range of guideline values across its 333 streets under the Chennai Central Joint I SRO, with values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for the area is Rs 8,800 per sq.ft, placing Chamiers 2nd Lane's value below this median.

• Chamiers 1st Lane: Rs 8,700 per sq.ft (2024)
• Chamiers 3rd Lane: Rs 8,700 per sq.ft (2024)
• Chamiers 4th Lane: Rs 8,700 per sq.ft (2024)
• Chamiers Lane: Rs 8,700 per sq.ft (2024)
• Chamiers Road / Pasumpon: Rs 17,600 per sq.ft (2024)
• Cenatoph Road: Rs 17,600 per sq.ft (2024)

Stamp duty and registration fee for property in Chamiers 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value amounts to Rs 87,00,000. The stamp duty at 7% would be Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, resulting in a total of Rs 7,83,000. Note that the duty is charged on the higher of the guideline value and the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chamiers 2nd Lane?

The Sub Registrar Office that covers Chamiers 2nd Lane is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Mylapore Part 1, the guideline value is used to calculate the stamp duty and registration fees that need to be paid to the government.

It is important to note that the guideline value must be considered alongside the sale price; the higher of the two will be used to calculate the applicable duties and fees during the registration process.

Frequently asked questions

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

The current guideline value of Chamiers 2nd Lane is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

Recently, the guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, marking a 9% increase.

What is the land classification for Chamiers 2nd Lane?

Chamiers 2nd Lane is classified as Residential Class I Type - III, indicating its primary use for residential purposes.

What are the stamp duty and registration fees for property in Chamiers 2nd Lane?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 7,83,000 in fees based on the current guideline value.

Which Sub Registrar Office covers the area of Chamiers 2nd Lane?

The Chennai Central Joint I Sub Registrar Office covers Chamiers 2nd Lane, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.