Guideline Value for Ibrahim Salai 1st lane

Ibrahim Salai 1st lane guideline value

The current guideline value of Ibrahim Salai 1st lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO, classified as Residential Class II Type - I.

How the guideline value of Ibrahim Salai 1st lane has changed

The guideline value for Ibrahim Salai 1st lane has seen several revisions over the years. Starting from Rs 1,200 per sq.ft in 2007, it increased significantly to Rs 5,000 per sq.ft in 2012. However, there was a decrease to Rs 3,350 per sq.ft in 2017. The value then rose to Rs 5,000 per sq.ft in 2023, and the latest revision has set it at Rs 5,500 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 358%. The revisions for the years 2002 and 2003 do not have any figures listed for this street.

Guideline values in Muthialpet

Muthialpet has a total of 160 streets under the Chennai North Joint I SRO, with guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, which is the same as the current guideline value for Ibrahim Salai 1st lane.

• Ibrahim Salai: Rs 11,000 per sq.ft (2024)
• Ibrahim Salai 2nd lane: Rs 4,900 per sq.ft (2024)
• Husain marakayar street: Rs 7,100 per sq.ft (2024)
• Grimini street: Rs 3,800 per sq.ft (2024)
• Granary street: Rs 7,100 per sq.ft (2024)
• Jaffar Sarang lane: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Ibrahim Salai 1st 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, bringing the total cost to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on fees.

Which Sub Registrar Office covers Ibrahim Salai 1st lane?

The Sub Registrar Office that covers Ibrahim Salai 1st lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects the current market conditions.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential components of the registration process. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Ibrahim Salai 1st lane?

The current guideline value of Ibrahim Salai 1st 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 changed from Rs 1,200 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, with various revisions in between, including a decrease in 2017 and increases in subsequent years.

What is the land classification for Ibrahim Salai 1st lane?

Ibrahim Salai 1st lane is classified as Residential Class II Type - I, which is significant for determining its guideline value.

Where can I find the Sub Registrar Office for Ibrahim Salai 1st lane?

The Sub Registrar Office for Ibrahim Salai 1st lane is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.