Guideline Value for East Railway Gate Cross Lane

East Railway Gate Cross Lane guideline value

The current guideline value of East Railway Gate Cross Lane is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of East Railway Gate Cross Lane has changed

The guideline value for East Railway Gate Cross Lane has seen several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2012 revision, marking a 100% increase. However, the value then decreased to Rs 1,340 per sq.ft in the 2017 revision, reflecting a 33% drop. The 2023 revision brought the value back up to Rs 2,000 per sq.ft, and the latest revision in 2024 set it at Rs 2,200 per sq.ft, a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 120%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for East Railway Gate Cross Lane is below this median.

• East Railway Gate: Rs 2,700 per sq.ft (2024)
• East Street: Rs 2,700 per sq.ft (2024)
• East Street Lane: Rs 2,200 per sq.ft (2024)
• Durga Nagar: Rs 3,300 per sq.ft (2024)
• Durga Colony Extension: Rs 3,300 per sq.ft (2024)
• Durga Colony: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in East Railway Gate Cross Lane

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers East Railway Gate Cross Lane?

The Sub Registrar Office that covers East Railway Gate Cross Lane is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the valuation of the property. The registration process will require adherence to these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of East Railway Gate Cross Lane?

The current guideline value of East Railway Gate Cross Lane is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 120% over the years.

What is the land classification for East Railway Gate Cross Lane?

The land classification for East Railway Gate Cross Lane is Residential Class IV Type - I.

Where can I find the Sembiam Sub Registrar Office?

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

How is stamp duty calculated for properties in East Railway Gate Cross Lane?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000.