Guideline Value for Ibrahim Lane

Ibrahim Lane guideline value

The current guideline value of Ibrahim Lane in Parangimalai village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of Ibrahim Lane has changed

The guideline value for Ibrahim Lane has seen several revisions over the years. In 2002, the value was Rs 357 per sq.ft, which increased to Rs 320 per sq.ft in 2003. Following this, the value rose significantly to Rs 750 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value saw a notable increase to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. Between 2012 and 2017, there was a decrease of 33%. The value surged by 233% from 2007 to 2012 and increased by 134% from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has risen by 670%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Ibrahim Lane's 2024 figure below this median.

• Ibrahim Saheb Street: Rs 2,750 per sq.ft (2024)
• Ibrahim Street: Rs 2,750 per sq.ft (2024)
• IA Quarters: Rs 3,850 per sq.ft (2024)
• Hospital Road: Rs 3,850 per sq.ft (2024)
• Indhra Nagar: Rs 2,750 per sq.ft (2024)
• Indhra Nagar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ibrahim Lane

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the 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 details.

Which Sub Registrar Office covers Ibrahim Lane?

The Sub Registrar Office covering Ibrahim 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. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Parangimalai. It serves as a benchmark for determining the minimum value at which property transactions can be registered. This value is used to calculate the applicable stamp duty and registration fees during the registration process.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair price, preventing undervaluation. Buyers and sellers must consider this value to ensure compliance with local regulations and to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Ibrahim Lane?

The current guideline value of Ibrahim Lane is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 357 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Ibrahim Lane?

Ibrahim Lane is classified as Residential Class III Type - I under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for a property in Ibrahim Lane?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Ibrahim Lane located?

The Sub Registrar Office for Ibrahim Lane is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.