Guideline Value for Market Lane

Market Lane guideline value

The current guideline value of Market Lane in Adambakkam village, under the Alandur SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Market Lane has changed

The guideline value for Market Lane has undergone several revisions since 2002. In 2002, the guideline value was Rs 331 per sq.ft. This increased to Rs 378 per sq.ft in 2003, marking a 14% rise. The value saw a significant increase to Rs 1,200 per sq.ft in 2007, which was a 217% change. Following this, the value rose to Rs 4,000 per sq.ft in 2012, reflecting a 233% increase. However, it then decreased to Rs 2,680 per sq.ft in 2017, a decline of 33%. The value was revised to Rs 4,000 per sq.ft in 2023, before reaching the current figure of Rs 4,400 per sq.ft in 2024, which represents a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1229%. The register has no figures for the years not mentioned in this summary.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, placing Market Lane's 2024 figure above this median.

• Maruthi Nagar: Rs 4,400 per sq.ft (2024)
• Marison 6th street: Rs 3,900 per sq.ft (2024)
• Marisan Street 1st Street: Rs 3,900 per sq.ft (2024)
• Marisan 5th Street: Rs 3,900 per sq.ft (2024)
• Marisan 5th Lane: Rs 3,900 per sq.ft (2024)
• Marisan 4th Street: Rs 3,900 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, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Market Lane?

The Sub Registrar Office covering Market Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Adambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the state collects appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are charged based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Market Lane?

The current guideline value of Market Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 331 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1229% over this period.

What is the land classification for Market Lane?

Market Lane is classified as Residential Class I Type - II, indicating its designation for residential use.

What are the stamp duty and registration fees for properties in Market Lane?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Market Lane located?

The Sub Registrar Office for Market Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.