Guideline Value for HOSPITAL LANE

Hospital Lane guideline value

The current guideline value of Hospital Lane in Purasaivakkam village, under the Purasaivakkam SRO, is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - II.

How the guideline value of Hospital Lane has changed

The guideline value for Hospital Lane has seen several revisions over the years. Starting with the 2007 revision, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012, marking a 150% increase. However, there was a decrease to Rs 3,015 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 4,500 per sq.ft in 2023, followed by a further increase to the current value of Rs 4,900 per sq.ft in 2024, reflecting a 9% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 172%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value of Hospital Lane is below this median.

• Hunters Lane: Rs 9,900 per sq.ft (2024)
• Hunters Road (A) Thirunarayana Guru Road: Rs 12,100 per sq.ft (2024)
• Henrik Lane: Rs 4,900 per sq.ft (2024)
• Harley's Street & Road: Rs 10,800 per sq.ft (2024)
• Hanumantharayan Koil Street: Rs 4,400 per sq.ft (2024)
• Hanumantharayan Koil 1st Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Hospital 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 the stamp duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Hospital Lane?

The Sub Registrar Office covering Hospital Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Purasaivakkam. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory for property transfers.

When buying or selling property, the guideline value helps ensure that the transaction is documented accurately, reflecting the value of the property based on the latest revisions. This process aids in maintaining transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Hospital Lane?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 172% over the years.

What is the purpose of the guideline value?

The guideline value is used to determine the stamp duty and registration fees for property transactions within the area, ensuring compliance with local regulations.

Where can I find the Sub Registrar Office for Hospital Lane?

The Sub Registrar Office for Hospital Lane is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How do I calculate the stamp duty for a property in Hospital Lane?

To calculate the stamp duty for a property in Hospital Lane, you can use the guideline value and apply the relevant rates (7% for stamp duty and 2% for registration fee) to determine the total costs involved in the transaction.