Guideline Value for KELLY LANE

Kelly Lane guideline value

The current guideline value of Kelly Lane, located in Purasaivakkam village under the Purasaivakkam SRO, is Rs 6,500 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Kelly Lane has changed

The guideline value for Kelly Lane has seen several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, it then dropped to Rs 4,020 per sq.ft in 2017. The value saw a substantial increase of 49% to Rs 6,000 per sq.ft in 2023, and it has now risen by 8% to the current rate of Rs 6,500 per sq.ft effective from 1 July 2024. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 261%. The fluctuations in the values reflect various changes, including a remarkable increase of 233% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO with a guideline value range from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value for the area is Rs 5,500 per sq.ft, placing Kelly Lane's 2024 figure above this median.

• Kelly's Lane: Rs 6,500 per sq.ft (2024)
• Kelly's Road: Rs 8,800 per sq.ft (2024)
• Kesava Naidu Street: Rs 4,400 per sq.ft (2024)
• Kilpauk Garden 1st Cross Street: Rs 13,400 per sq.ft (2024)
• Kilpauk Garden 2nd Cross Street: Rs 13,400 per sq.ft (2024)
• Kilpauk Garden 2nd Lane: Rs 13,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kelly Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value amounts to Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, while the registration fee at 2% would be Rs 1,30,000. Together, the total cost for stamp duty and registration fee would be Rs 5,85,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kelly Lane?

The Sub Registrar Office covering Kelly Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Purasaivakkam. It is used as a benchmark for determining the minimum value of a property, ensuring that the registration process reflects a fair valuation based on the current market conditions.

When buying or selling property, the guideline value is essential for calculating stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, influencing the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Kelly Lane?

The current guideline value of Kelly Lane is Rs 6,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 6,500 per sq.ft in 2024, reflecting an overall increase of 261% over the years.

What is the land classification for Kelly Lane?

Kelly Lane is classified under Residential Class II Type - II land classification.

What are the other streets in Purasaivakkam with their guideline values?

Other streets in Purasaivakkam include Kelly's Road at Rs 8,800 per sq.ft, Kesava Naidu Street at Rs 4,400 per sq.ft, and several streets in Kilpauk Garden with values at Rs 13,400 per sq.ft.

Where is the Purasaivakkam Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.