Guideline Value for McNicholas road1st lane

McNicholas road1st lane guideline value

The current guideline value of McNicholas road1st lane is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Egmore village under the Periamet SRO, classified as Residential Class I Type - II.

How the guideline value of McNicholas road1st lane has changed

The guideline value for McNicholas road1st lane has undergone several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased significantly to Rs 10,000 per sq.ft in 2012. However, it then decreased to Rs 6,700 per sq.ft in 2017. The value saw a substantial rise to Rs 10,000 per sq.ft again in 2023, before reaching the current rate of Rs 11,000 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The overall change from the 2007 revision to the 2024 revision shows an increase of 267%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Egmore

In Egmore village, there are 465 streets under the Periamet SRO, with guideline values ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, placing McNicholas road1st lane's 2024 figure above this median.

• McNicholas road: Rs 18,100 per sq.ft (2024)
• McNicholas road 2nd lane: Rs 11,000 per sq.ft (2024)
• McNicholas road 3rd lane: Rs 11,000 per sq.ft (2024)
• McNicholas road 4th Lane: Rs 11,000 per sq.ft (2024)
• Mayor V.R.Ramanathan 2nd lane: Rs 11,000 per sq.ft (2024)
• Mayor V.R.Ramanathan 1st lane: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in McNicholas road1st lane

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total cost for these fees to Rs 9,90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers McNicholas road1st lane?

The Sub Registrar Office that covers McNicholas road1st lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Egmore. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling a property, the guideline value helps in establishing a fair price for the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to make informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of McNicholas road1st lane?

The current guideline value of McNicholas road1st lane is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 11,000 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What is the land classification for McNicholas road1st lane?

McNicholas road1st lane is classified as Residential Class I Type - II.

Where can I find the Sub Registrar Office for McNicholas road1st lane?

The Sub Registrar Office for McNicholas road1st lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in Egmore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000 at a rate of 7%.