Guideline Value for David George 2nd Lane

David George 2nd Lane guideline value

The current guideline value of David George 2nd Lane is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of David George 2nd Lane has changed

The guideline value for David George 2nd Lane has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,500 per sq.ft, which was then increased to Rs 2,750 per sq.ft in the 2024 revision, reflecting a 10% increase.

In 2024, the guideline value of Rs 2,750 per sq.ft aligns with the median value of Rs 2,750 per sq.ft for the 1,823 streets in Madipakkam-1, which range from Rs 1,650 to Rs 5,500 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values vary across different streets. The current figures for this street match the median value for the area. Below are the guideline values for other streets in Madipakkam-1:

• David George 1st Lane: Rs 2,750 per sq.ft (2024)
• David George 3rd Lane: Rs 2,750 per sq.ft (2024)
• David George Cross Street: Rs 2,750 per sq.ft (2024)
• David George Cross Street/Thilagar Avenue: Rs 3,300 per sq.ft (2024)
• David George Street: Rs 2,750 per sq.ft (2024)
• Daniel Street/Kanmalar Pon Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in David George 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. Duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers David George 2nd Lane?

The Sub Registrar Office that covers David George 2nd Lane is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor in the registration process for property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in question. It is essential for buyers to be aware of this value as it may influence their negotiations and final sale price.

Frequently asked questions

What is the current guideline value of David George 2nd Lane?

The current guideline value of David George 2nd Lane is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for David George 2nd Lane?

David George 2nd Lane is classified as Residential Class I Type - III. This classification indicates the type of development permitted in the area.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500. The duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for David George 2nd Lane?

The Velacheri Sub Registrar Office handles property registrations for David George 2nd Lane, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.