Guideline Value for Dharmaraja Kovil 1st Lane

Dharmaraja Kovil 1st Lane guideline value

The current guideline value of Dharmaraja Kovil 1st Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the jurisdiction of the Sowcarpet SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Dharmaraja Kovil 1st Lane has changed

The guideline value for Dharmaraja Kovil 1st Lane has seen several revisions over the years. The earliest recorded figure is from 2003, where the guideline value was Rs 951 per sq.ft. This increased to Rs 1,200 per sq.ft in 2007, marking a 26% rise. The value then surged to Rs 4,000 per sq.ft in 2012, reflecting a significant increase of 233%. However, it dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft from the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 363%. The register has no figure for this street for the year 2002.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that have a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with the median value being Rs 4,400 per sq.ft. The guideline value of Dharmaraja Kovil 1st Lane aligns with this median.

• Dharmaraja Kovil 2nd Lane: Rs 4,400 per sq.ft (2024)
• Dharmaraja Kovil Street: Rs 4,400 per sq.ft (2024)
• Devaraja Mudali Street: Rs 8,800 per sq.ft (2024)
• Davidson Street: Rs 6,000 per sq.ft (2024)
• Ebrahim Syed Street: Rs 4,900 per sq.ft (2024)
• Edappalayam Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Dharmaraja Kovil 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that 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 detailed calculations based on your specific property.

Which Sub Registrar Office covers Dharmaraja Kovil 1st Lane?

The Sub Registrar Office that covers Dharmaraja Kovil 1st Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these costs are aligned with the official valuation of the property.

When a property is sold, the guideline value is used to calculate the applicable fees, which are charged on the higher of the guideline value or the sale price. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Dharmaraja Kovil 1st Lane?

The current guideline value of Dharmaraja Kovil 1st Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, from Rs 951 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 363% over this period.

What is the land classification for Dharmaraja Kovil 1st Lane?

The land classification for Dharmaraja Kovil 1st Lane is Residential Class I Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for this area?

The Sowcarpet Sub Registrar Office, which covers Dharmaraja Kovil 1st Lane, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 4,400 per sq.ft would incur a total stamp duty and registration fee of Rs 3,96,000 for a 1,000 sq.ft plot.