Guideline Value for HOSPITAL ROAD 2ND LANE

Hospital Road 2nd Lane guideline value

The current guideline value of Hospital Road 2nd Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Hospital Road 2nd Lane has changed

The guideline value for Hospital Road 2nd Lane has undergone several revisions over the years. In 2002, the guideline value was Rs 806 per sq.ft. This increased to Rs 1,101 per sq.ft in 2003, marking a rise of 37%. Following this, the value continued to grow, reaching Rs 1,300 per sq.ft in 2007, an increase of 18%. The next revision in 2012 saw a significant jump to Rs 5,000 per sq.ft, reflecting a remarkable increase of 285%. However, in 2017, the value dropped to Rs 3,350 per sq.ft, a decrease of 33%. The most recent revisions show that the guideline value rose to Rs 5,000 per sq.ft in 2023 and further to Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 582%. There are no figures available for the revisions in years other than those listed above.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, and the guideline value for Hospital Road 2nd Lane is above this median.

• Hospital Road 1st Lane: Rs 5,500 per sq.ft (2024)
• Hospital Road: Rs 6,050 per sq.ft (2024)
• Ilaiyalvar Koil Street: Rs 4,400 per sq.ft (2024)
• Gulabchand Bora Street: Rs 4,400 per sq.ft (2024)
• Geenis Road: Rs 8,800 per sq.ft (2024)
• Jayaram Chetty Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Hospital Road 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total cost for these charges Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Hospital Road 2nd Lane?

The Sub Registrar Office that covers Hospital Road 2nd Lane is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Saidapet. It is used to determine the stamp duty and registration fees applicable when a property is bought or sold. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations and to accurately calculate the costs involved in the transaction.

When a property is registered, the guideline value is compared with the sale price. The higher of the two amounts is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Hospital Road 2nd Lane?

The current guideline value of Hospital Road 2nd Lane is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 806 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 582% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office covers Hospital Road 2nd Lane?

The Chennai South Joint II Sub Registrar Office covers Hospital Road 2nd Lane, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the median guideline value in Saidapet?

The median guideline value for streets in Saidapet under the Chennai South Joint II SRO is Rs 4,400 per sq.ft, with Hospital Road 2nd Lane's value being above this median.