Guideline Value for Market Lane

Market Lane guideline value

The current guideline value of Market Lane in Cantonment Pallavaram village is Rs 3,300 per sq.ft, effective from the 2024 revision. The property falls under the Pallavaram SRO and is classified as Residential Class I Type - II.

How the guideline value of Market Lane has changed

The guideline value for Market Lane has seen several revisions over the years. In 2003, the value was Rs 419 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The 2012 revision saw the value rise to Rs 3,000 per sq.ft, but it then dropped to Rs 2,010 per sq.ft in 2017. The value increased significantly to Rs 3,000 per sq.ft in the 2023 revision before reaching the current value of Rs 3,300 per sq.ft in 2024. The register has no figure for this street in 2002.

From 2017 to 2023, there was a 49% increase, followed by a 10% rise from 2023 to 2024. The value saw a substantial 500% increase from 2007 to 2012, and a 19% increase from 2003 to 2007. Overall, from 2003 to 2024, the guideline value has increased by 688%.

Guideline values in Cantonment Pallavaram

In Cantonment Pallavaram, there are 81 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 11,000 per sq.ft. The median guideline value is Rs 2,700 per sq.ft, making Market Lane's current figure above that median.

• Mariyamman Koil Street: Rs 3,300 per sq.ft (2024)
• Mariyamman Koil I1st Street: Rs 3,300 per sq.ft (2024)
• Mariyamman Koil 3rd Street: Rs 3,300 per sq.ft (2024)
• Mariyamman Koil 2nd Street: Rs 3,300 per sq.ft (2024)
• Mattry Square: Rs 2,200 per sq.ft (2024)
• Milagupillai Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Market Lane

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Market Lane?

The Sub Registrar Office that covers Market Lane is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Cantonment Pallavaram

The guideline value is an essential factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is crucial to ensure that the sale price is not lower than the guideline value. This helps in maintaining transparency in the property market and ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Market Lane?

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

How has the guideline value changed over the years?

The guideline value for Market Lane has increased from Rs 419 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 688% over the years.

What are the other streets with similar guideline values in Cantonment Pallavaram?

Other streets in Cantonment Pallavaram with a 2024 guideline value of Rs 3,300 per sq.ft include Mariyamman Koil Street, Mariyamman Koil I1st Street, Mariyamman Koil 3rd Street, and Mariyamman Koil 2nd Street.

What is the stamp duty rate for properties in Market Lane?

The stamp duty for properties in Market Lane is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Market Lane?

The Sub Registrar Office covering Market Lane is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044. You can find more information about your SRO through the provided link.