Guideline Value for Market Lane

Market Lane guideline value

The current guideline value of Market Lane in Tondaiarpet village, under the Royapuram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area 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. The 2012 revision set the value at Rs 1,200 per sq.ft, which then dropped to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. However, the value dropped by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with guideline values ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median value is Rs 1,600 per sq.ft, placing Market Lane's 2024 figure below this median.

• Market farm 4th street: Rs 1,300 per sq.ft (2024)
• Market faram Ist street: Rs 1,300 per sq.ft (2024)
• Market faram 8th street: Rs 1,300 per sq.ft (2024)
• Market faram 7th street: Rs 1,300 per sq.ft (2024)
• Market faram 6th street: Rs 1,300 per sq.ft (2024)
• Market faram 5th street: Rs 1,300 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 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, resulting in a total of Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use 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 Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Tondaiarpet. It is used to determine the stamp duty and registration fees that need to be paid at the time of property registration. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration process reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Market Lane?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What are the other streets in Tondaiarpet with the same guideline value?

Other streets in Tondaiarpet with the same guideline value of Rs 1,300 per sq.ft in 2024 include Market farm 4th street, Market faram Ist street, Market faram 8th street, Market faram 7th street, Market faram 6th street, and Market faram 5th street.

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

For a property of 1,000 sq.ft at the current guideline value, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which office handles property registrations in Market Lane?

The Royapuram Sub Registrar Office handles property registrations for Market Lane, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.