Guideline Value for Jaffar Sarang lane

Jaffar Sarang lane guideline value

The current guideline value of Jaffar Sarang lane is Rs 7,700 per sq.ft, effective from 1 July 2024. This lane 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 - I.

How the guideline value of Jaffar Sarang lane has changed

The guideline value for Jaffar Sarang lane has seen several revisions over the years. In 2007, the value was Rs 2,600 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012. However, this figure dropped to Rs 4,690 per sq.ft in 2017. The 2023 revision saw a rise to Rs 7,000 per sq.ft, followed by the current value of Rs 7,700 per sq.ft from the 2024 revision. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The value then rose by 10% from 2023 to 2024. Overall, from 2007 to 2024, there has been a substantial increase of 196% in the guideline value for this lane.

Guideline values in Muthialpet

Muthialpet has a range of guideline values across its 160 streets under the Chennai North Joint I SRO, with the 2024 figures varying from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, placing Jaffar Sarang lane's current value above this median.

• Jaffar Sarang street: Rs 14,800 per sq.ft (2024)
• Jaffer lane Masthan lane: Rs 4,900 per sq.ft (2024)
• Jahangir lane*: Rs 15,900 per sq.ft (2024)
• Jahangir street[2nd line Beech]: Rs 15,900 per sq.ft (2024)
• Javer Street(Gopal Chetty Street): Rs 4,900 per sq.ft (2024)
• Ibrahim Salai 2nd lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Jaffar Sarang lane

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000. Together, the total cost for these charges would be Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jaffar Sarang lane?

The Sub Registrar Office that covers Jaffar Sarang lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration process of property transactions. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in Muthialpet.

When a property is registered, the guideline value is considered to ensure that the correct fees are applied. This value helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Jaffar Sarang lane?

The current guideline value of Jaffar Sarang lane is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,600 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, marking a total increase of 196% over the years.

Which Sub Registrar Office covers this area?

The Chennai North Joint I Sub Registrar Office covers Jaffar Sarang lane, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

What are the stamp duty and registration fees for property in Jaffar Sarang lane?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

What is the land classification for Jaffar Sarang lane?

The land classification for Jaffar Sarang lane is Residential Class I Type - I, indicating its suitability for residential development.