Guideline Value for Market Lane

Market Lane guideline value

The current guideline value of Market Lane, located in Siruvallur village under the Sembiam SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Market Lane has changed

The guideline value for Market Lane has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 420 per sq.ft. It increased to Rs 462 per sq.ft in 2003, marking a 10% rise. Following this, the value surged significantly to Rs 1,000 per sq.ft in 2007, which was an increase of 116%. The value then rose to Rs 1,800 per sq.ft in 2012, reflecting an 80% change. However, from 2012 to 2017, the value decreased to Rs 1,206 per sq.ft, a decline of 33%. The value then saw a substantial increase to Rs 1,800 per sq.ft in 2023, which was a 49% rise. The most recent revision in 2024 brought the guideline value to Rs 1,900 per sq.ft, a 6% increase from the previous year.

There are no recorded figures for Market Lane in the years not mentioned in the revisions. The overall change from 2002 to 2024 reflects a significant increase of 352% in the guideline value per sq.ft.

Guideline values in Siruvallur

In Siruvallur, there are 86 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 1,900 per sq.ft, which is equal to the current value for Market Lane.

• Market Street: Rs 3,900 per sq.ft (2024)
• Masilamani Lane: Rs 1,600 per sq.ft (2024)
• Manicka Vinayagar Koil Street: Rs 2,200 per sq.ft (2024)
• Madhavaram High Road: Rs 5,500 per sq.ft (2024)
• Munusamy Achari Street: Rs 1,900 per sq.ft (2024)
• Murugesa Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Market Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, and the registration fee at 2% would be Rs 38,000. Together, the total cost for these fees would be Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Market Lane?

The Sub Registrar Office that covers Market Lane is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of properties in Siruvallur. It serves as a benchmark for determining the minimum value at which a property can be registered. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

This ensures that the transactions are transparent and that the government receives the appropriate revenue from property sales. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Market Lane?

The current guideline value of Market Lane is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 420 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, reflecting an overall increase of 352% over the years.

What is the land classification for Market Lane?

Market Lane is classified under Residential Class III Type - I as per the land classification guidelines.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Market Lane?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 19,00,000, the stamp duty would be Rs 1,33,000.