Guideline Value for Mint 1st Lane

Mint 1st Lane guideline value

The current guideline value of Mint 1st Lane, located in Muthiyalpet village under the Sowcarpet SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - III.

How the guideline value of Mint 1st Lane has changed

The guideline value for Mint 1st Lane has seen several revisions over the years. The 2012 revision set the value at Rs 6,000 per sq.ft, which then dropped to Rs 4,020 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 6,000 per sq.ft in 2023, and finally rose to Rs 6,600 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%, but from 2017 to 2023, it increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value of these streets is Rs 4,400 per sq.ft, placing Mint 1st Lane's 2024 figure above this median.

• Mint 2nd Lane: Rs 6,600 per sq.ft (2024)
• Mint 3rd Lane: Rs 8,800 per sq.ft (2024)
• Mint Street: Rs 13,000 per sq.ft (2024)
• Mottai Maistry Street: Rs 3,800 per sq.ft (2024)
• Memorial Hall Road: Rs 13,000 per sq.ft (2024)
• Meera Labai Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mint 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. 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 Mint 1st Lane?

The Sub Registrar Office that covers Mint 1st Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately and fairly.

Frequently asked questions

What is the current guideline value of Mint 1st Lane?

The current guideline value of Mint 1st Lane is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,000 per sq.ft in 2012 to Rs 4,020 per sq.ft in 2017, then to Rs 6,000 per sq.ft in 2023, and finally to Rs 6,600 per sq.ft in 2024.

What is the land classification of Mint 1st Lane?

Mint 1st Lane is classified as Commercial Class I Type - III.

What are the stamp duty and registration fees for property in Mint 1st Lane?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office covers the area of Mint 1st Lane?

The Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, covers Mint 1st Lane.