Guideline Value for MS.P. Lane

MS.P. Lane guideline value

The current guideline value of MS.P. Lane in Irumpuliyur village, under the Tambaram Joint 1 SRO, is Rs 2,530 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of MS.P. Lane has changed

The guideline value for MS.P. Lane has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased significantly to Rs 2,300 per sq.ft in 2012. However, it dropped to Rs 1,541 per sq.ft in 2017 before rising again to Rs 2,300 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 2,530 per sq.ft, marking a 10% increase from the previous year.

Between the revisions, there have been notable changes. From 2007 to 2012, the value increased by 283%, but then it decreased by 33% from 2012 to 2017. The period from 2017 to 2023 saw a substantial rise of 49%. Overall, from 2007 to 2024, the guideline value has increased by 322%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Irumpuliyur

In Irumpuliyur, there are 218 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 6,600 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for MS.P. Lane is above this median.

• Mullai Avenue: Rs 2,200 per sq.ft (2024)
• Mothilal Street: Rs 2,530 per sq.ft (2024)
• Murugesan Street: Rs 2,530 per sq.ft (2024)
• Muthamil Street: Rs 2,530 per sq.ft (2024)
• Middle Street: Rs 1,320 per sq.ft (2024)
• Nagathamman Koil Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in MS.P. Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, making the total cost for these fees Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers MS.P. Lane?

The Sub Registrar Office that covers MS.P. Lane is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Irumpuliyur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value is used to determine the minimum value on which these fees are calculated, protecting both the buyer and the seller from undervaluation. This ensures that all transactions are recorded at a fair value as per the government's regulations.

Frequently asked questions

What is the current guideline value of MS.P. Lane?

The current guideline value of MS.P. Lane is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 322% over the years.

What is the land classification for MS.P. Lane?

The land classification for MS.P. Lane is Residential Special Type - I, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for properties in MS.P. Lane?

For a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100 and the registration fee would be Rs 50,600, totaling Rs 2,27,700.

Which office handles registrations for MS.P. Lane?

The Tambaram Joint 1 Sub Registrar Office handles registrations for MS.P. Lane, located at No.26, Mes Road, East Tambaram, Chennai-600059.