Guideline Value for Market Lane

Market Lane guideline value

The current guideline value of Market Lane in Parangimalai village is Rs 3,850 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 - I.

How the guideline value of Market Lane has changed

The guideline value for Market Lane has seen several revisions over the years. In 2002, the value was Rs 357 per sq.ft, which increased to Rs 447 per sq.ft in 2003, marking a 25% rise. The value then experienced a significant increase to Rs 750 per sq.ft in 2007, representing a 68% increase. Following this, the value surged dramatically to Rs 3,500 per sq.ft in 2012, indicating a 367% increase. However, this was followed by a decrease to Rs 2,345 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 3,500 per sq.ft in 2023, and finally reached Rs 3,850 per sq.ft in 2024, reflecting a 10% increase from the previous year.

There are no figures available for the years between these revisions for Market Lane. Overall, from 2002 to 2024, the guideline value has increased by 978%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is the same as that of Market Lane.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these fees Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Market Lane?

The Sub Registrar Office that covers Market 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 more information.

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, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers often refer to this value to negotiate the sale price, as it reflects the official valuation set by the government.

Frequently asked questions

What is the current guideline value of Market Lane?

The current guideline value of Market Lane is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Market Lane has changed from Rs 357 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 978% over the years.

What is the land classification for Market Lane?

Market Lane is classified as Residential Class II Type - I under the Chennai South Joint II SRO.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Market Lane located?

The Sub Registrar Office covering Market Lane is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.