Guideline Value for Mint 2nd Lane

Mint 2nd Lane guideline value

The current guideline value of Mint 2nd Lane, Muthiyalpet village, under the Sowcarpet SRO is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - III.

How the guideline value of Mint 2nd Lane has changed

The guideline value for Mint 2nd Lane has seen several revisions over the years. The 2012 revision set the value at Rs 6,000 per sq.ft, which then decreased 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 the 2023 revision, and finally rose to Rs 6,600 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but the overall change from 2012 to 2024 reflects a 10% increase. The 2023 to 2024 revision shows a positive change of 10%, while the increase from 2017 to 2023 was notable at 49%. The register has no figures for Mint 2nd Lane for the years 2002, 2003, and 2007.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Mint 2nd Lane's 2024 figure above this median.

• Mint 1st 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 2nd Lane

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value amounts to 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, totaling Rs 5,94,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mint 2nd Lane?

The Mint 2nd Lane falls under the jurisdiction of the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more details.

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

The guideline value is a crucial factor in the property registration process in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees that buyers must pay when acquiring property in this area.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the current market conditions. This value is used to calculate the applicable fees, ensuring compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Mint 2nd Lane?

The current guideline value of Mint 2nd 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 increased 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 for Mint 2nd Lane?

Mint 2nd Lane is classified as Commercial Class I Type - III, indicating its commercial usage and potential.

What are the stamp duty and registration fees for properties in Mint 2nd 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 office handles registrations for Mint 2nd Lane?

The Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, handles registrations for Mint 2nd Lane.