Guideline Value for Chengalvarayan Lane

Chengalvarayan Lane guideline value

The current guideline value of Chengalvarayan Lane is Rs 1,600 per sq.ft, effective from 1 July 2024. This lane is located in Siruvallur village, under the Sembiam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Chengalvarayan Lane has changed

The guideline value for Chengalvarayan Lane has undergone several revisions over the years. In 2007, the value was set at Rs 800 per sq.ft, which increased to Rs 1,500 per sq.ft in 2012. However, there was a significant drop to Rs 1,005 per sq.ft in 2017. Following this, the value rose to Rs 1,500 per sq.ft in 2023, and then to the current rate of Rs 1,600 per sq.ft in 2024, marking a 7% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 100%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Siruvallur

In Siruvallur, there are 86 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 1,900 per sq.ft, placing Chengalvarayan Lane's current value below this median.

• Chengalvarayan Street: Rs 1,900 per sq.ft (2024)
• Carpenter Street: Rs 1,900 per sq.ft (2024)
• Bundhar Garden Main Street: Rs 3,900 per sq.ft (2024)
• Bundhar Garden Cross Street: Rs 3,300 per sq.ft (2024)
• Bundhar Garden 3rd Street: Rs 3,600 per sq.ft (2024)
• Bundhar Garden 2nd Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Chengalvarayan Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chengalvarayan Lane?

The Sub Registrar Office that covers Chengalvarayan Lane is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Siruvallur. It serves as a benchmark for determining the minimum value at which a property can be registered. 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 is used to calculate the applicable stamp duty and registration fees, which are essential components of the transaction. This ensures that the government receives the appropriate revenue from property sales in the region.

Frequently asked questions

What is the current guideline value of Chengalvarayan Lane?

The current guideline value of Chengalvarayan Lane is Rs 1,600 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 1,600 per sq.ft in 2024, reflecting a 100% increase over the years.

What is the stamp duty for property in Chengalvarayan Lane?

The stamp duty for property in Chengalvarayan Lane is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

What are the other streets in Siruvallur with guideline values?

Other streets in Siruvallur include Chengalvarayan Street and Carpenter Street, both valued at Rs 1,900 per sq.ft, as well as several streets in Bundhar Garden with higher values.