Guideline Value for Ibrahim Salai 2nd lane

Ibrahim Salai 2nd lane guideline value

The current guideline value of Ibrahim Salai 2nd lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Ibrahim Salai 2nd lane has changed

Over the years, the guideline value for Ibrahim Salai 2nd lane has seen several revisions. The earliest recorded revision was in 2007, where the value was Rs 1,200 per sq.ft. This increased significantly to Rs 4,500 per sq.ft in 2012, marking a rise of 275%. However, between 2012 and 2017, the value decreased to Rs 3,015 per sq.ft, a drop of 33%. The value then rose again to Rs 4,500 per sq.ft in 2023, a substantial increase of 49%. The most recent revision in 2024 set the guideline value at Rs 4,900 per sq.ft, reflecting a 9% increase from the previous year.

The register does not provide figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 308%.

Guideline values in Muthialpet

Muthialpet has a total of 160 streets under the Chennai North Joint I SRO, with 2024 guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, placing Ibrahim Salai 2nd lane's 2024 value below this median.

• Ibrahim Salai 1st lane: Rs 5,500 per sq.ft (2024)
• Ibrahim Salai: Rs 11,000 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 2nd 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, while the registration fee at 2% would be Rs 98,000. Together, these fees would total Rs 4,41,000. It is important to note that the 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 Ibrahim Salai 2nd lane?

The Sub Registrar Office that covers Ibrahim Salai 2nd lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned 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 government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to consider the guideline value as it directly impacts the financial obligations during the registration process. Buyers should ensure they are aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Ibrahim Salai 2nd lane?

The current guideline value of Ibrahim Salai 2nd 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 1,200 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 308% over the years.

What is the median guideline value for streets in Muthialpet?

The median guideline value for the 160 streets in Muthialpet is Rs 5,500 per sq.ft, which is above the current value of Ibrahim Salai 2nd lane.

What are the stamp duty and registration fees for property in Ibrahim Salai 2nd lane?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 4,41,000 based on the current guideline value.

Which office handles the registration for Ibrahim Salai 2nd lane?

The Chennai North Joint I Sub Registrar Office handles the registration for Ibrahim Salai 2nd lane, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.