Guideline Value for Geels lane

Geels lane guideline value

The current guideline value of Geels lane in Muthialpet village, under the Chennai North Joint I SRO, is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class I Type - III.

How the guideline value of Geels lane has changed

The guideline value for Geels lane has undergone several revisions over the years. In 2002, the guideline value was Rs 1,075 per sq.ft. This figure increased to Rs 1,222 per sq.ft in 2003, marking a 14% rise. The value saw another increase to Rs 1,500 per sq.ft in 2007, which was a 23% change. The 2012 revision set the value at Rs 4,500 per sq.ft, reflecting a significant 200% increase from the previous revision. However, in 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of 33%. The guideline value then increased to Rs 4,500 per sq.ft in 2023, and finally, it reached Rs 4,900 per sq.ft in 2024, showing a 9% rise.

Overall, from 2002 to 2024, the guideline value has increased by 356%. There are no figures available for the years not listed in the register for this street.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value is Rs 5,500 per sq.ft, making the guideline value for Geels lane below this median.

• Geels street: Rs 7,700 per sq.ft (2024)
• Girims street: Rs 5,500 per sq.ft (2024)
• Godown Street(Narayanasamy Garden Street): Rs 4,900 per sq.ft (2024)
• Gomes road: Rs 7,700 per sq.ft (2024)
• Gopal chetty street (Javer street): Rs 4,900 per sq.ft (2024)
• Gopal street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Geels lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that 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 information.

Which Sub Registrar Office covers Geels lane?

The Sub Registrar Office that covers Geels lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for further assistance.

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

The guideline value is a critical factor in the registration process when buying or selling property in Muthialpet. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable taxes, ensuring that the government receives the appropriate revenue based on the property's value as determined by the latest revisions in the register.

Frequently asked questions

What is the current guideline value of Geels lane?

The current guideline value of Geels lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 1,075 per sq.ft to Rs 4,900 per sq.ft in 2024, representing an overall increase of 356%.

What is the classification of Geels lane?

Geels lane is classified as Residential Class I Type - III under the Chennai North Joint I SRO.

What are the stamp duty rates for property in Geels lane?

The stamp duty for property in Geels lane is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Geels lane?

The Sub Registrar Office for Geels lane is located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find more details by visiting the appropriate link.