Guideline Value for Chitharanjan Lane

Chitharanjan Lane guideline value

The current guideline value of Chitharanjan Lane is Rs 15,400 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Commercial Special Type - II.

How the guideline value of Chitharanjan Lane has changed

According to the guideline value register, there are no figures available for Chitharanjan Lane for the years 2002, 2003, 2007, 2012, and 2017. The most recent revisions show that the guideline value was Rs 14,000 per sq.ft in 2023, which increased by 10% to Rs 15,400 per sq.ft in 2024.

This increase reflects a significant change in the guideline value over the past year, indicating a rise in the value attributed to properties in this area. The 2024 revision marks the first recorded figure for this street since 2023.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are a total of 333 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Chitharanjan Lane's 2024 figure is above this median, indicating its higher valuation compared to many other streets in the area.

• Chittaranjan Salai: Rs 15,400 per sq.ft (2024)
• Chockalingam 1st Street: Rs 8,700 per sq.ft (2024)
• Chockalingam 2nd Street: Rs 8,700 per sq.ft (2024)
• Chockalingam Colony 1st Cross Street: Rs 8,700 per sq.ft (2024)
• Chockalingam Colony 2nd Cross Street: Rs 8,700 per sq.ft (2024)
• Chockalingam Main Road: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Chitharanjan Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 15,400 per sq.ft, the total guideline value amounts to Rs 1,54,00,000. The stamp duty at 7% would be Rs 10,78,000, and the registration fee at 2% would be Rs 3,08,000, bringing the total fees to Rs 13,86,000. It is important to note that 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 detailed calculations based on your specific property transaction.

Which Sub Registrar Office covers Chitharanjan Lane?

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

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore Part 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the guideline value is used to calculate applicable stamp duty and registration fees, which are essential for the legal transfer of ownership. Buyers and sellers must be aware of these values to ensure compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Chitharanjan Lane?

The current guideline value of Chitharanjan Lane is Rs 15,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Chitharanjan Lane was Rs 14,000 per sq.ft in 2023, which increased by 10% to Rs 15,400 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Chitharanjan Lane?

The land classification for Chitharanjan Lane is Commercial Special Type - II. This classification may influence the types of developments permitted in the area.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a property valued at Rs 1,54,00,000 would incur a total fee of Rs 13,86,000.

Where is the Sub Registrar Office for Chitharanjan Lane located?

The Sub Registrar Office covering Chitharanjan Lane is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.