Guideline Value for Diwan Sahib Lane

Diwan Sahib Lane guideline value

The current guideline value of Diwan Sahib Lane is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village under the Chennai Central Joint I SRO, classified as Residential Class II Type - I.

How the guideline value of Diwan Sahib Lane has changed

The guideline value for Diwan Sahib Lane has seen revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 7,000 per sq.ft, which increased by 10% to Rs 7,700 per sq.ft in the 2024 revision.

With this latest revision, the guideline value has moved from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024. This increase reflects a 10% rise in the guideline value within a year.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Diwan Sahib Lane's 2024 figure below that median.

• Divan Sahib Street: Rs 7,700 per sq.ft (2024)
• Damodaram Street: Rs 13,200 per sq.ft (2024)
• Elango Salai: Rs 11,000 per sq.ft (2024)
• Corporation Colony 2st Street: Rs 7,700 per sq.ft (2024)
• Corporation Colony 1st Street: Rs 7,700 per sq.ft (2024)
• Eldams Road: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Diwan Sahib Lane

For a 1,000 sq.ft plot at the current rate of Rs 7,700 per sq.ft, the guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, totaling Rs 6,93,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Diwan Sahib Lane?

The Sub Registrar Office that covers Diwan Sahib 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 further inquiries.

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 is used to determine the stamp duty and registration fees that need to be paid, ensuring compliance with government regulations.

When a property transaction occurs, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Diwan Sahib Lane?

The current guideline value of Diwan Sahib Lane is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed in recent years?

The guideline value for Diwan Sahib Lane increased from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024, marking a 10% increase.

What is the land classification of Diwan Sahib Lane?

Diwan Sahib Lane is classified as Residential Class II Type - I under the Chennai Central Joint I SRO.

Where can I find information about other streets in Mylapore Part 1?

Information about other streets in Mylapore Part 1 can be found in the guideline value register, which lists various streets and their respective guideline values.

What is the role of the Sub Registrar Office in property transactions?

The Sub Registrar Office is responsible for the registration of property transactions, ensuring that all legal requirements are met and that the appropriate duties and fees are collected based on the guideline value or sale price.