Guideline Value for Margo Lane

Margo Lane guideline value

The current guideline value of Margo Lane in Parangimalai village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Margo Lane has changed

The guideline value for Margo Lane has undergone several revisions over the years. In 2002, the guideline value was Rs 296 per sq.ft. This figure increased to Rs 371 per sq.ft in 2003, marking a 25% rise. The value continued to grow, reaching Rs 800 per sq.ft in 2007, which was a significant increase of 116%. By 2012, the guideline value was Rs 3,000 per sq.ft, reflecting a substantial increase of 275% from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 2,010 per sq.ft, a drop of 33%. However, this was followed by a notable increase to Rs 3,000 per sq.ft in 2023, and subsequently, the current value stands at Rs 3,300 per sq.ft as of the 2024 revision, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,015%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. Margo Lane's 2024 guideline value is below this median.

• Margo Street: Rs 3,300 per sq.ft (2024)
• Mariyapuram: Rs 3,300 per sq.ft (2024)
• Market Lane: Rs 3,850 per sq.ft (2024)
• Market Street: Rs 5,500 per sq.ft (2024)
• Mathiyas Nagar: Rs 3,300 per sq.ft (2024)
• Mangaliamman Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Margo Lane

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Margo Lane?

The Sub Registrar Office that covers Margo Lane is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate applicable fees, including stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Margo Lane?

The current guideline value of Margo Lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 296 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 1,015%.

What is the land classification of Margo Lane?

Margo Lane is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Margo Lane?

The total stamp duty and registration fees for a 1,000 sq.ft plot at the current guideline value would amount to Rs 2,97,000.

Which Sub Registrar Office covers Margo Lane?

The Chennai South Joint II Sub Registrar Office covers Margo Lane, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.