Guideline Value for Mint 3rd Lane

Mint 3rd Lane guideline value

The current guideline value of Mint 3rd Lane is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet Sub Registrar Office (SRO). The land classification for this area is Commercial Class I Type - II.

How the guideline value of Mint 3rd Lane has changed

The guideline value of Mint 3rd Lane has seen several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 3,000 per sq.ft. This increased significantly to Rs 8,000 per sq.ft in 2012, marking a 167% rise. However, from 2012 to 2017, the value decreased to Rs 5,360 per sq.ft, a drop of 33%. The value then rose sharply to Rs 8,000 per sq.ft in 2023, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 8,800 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for Mint 3rd Lane for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Mint 3rd Lane is above this median.

• Mint 2nd Lane: Rs 6,600 per sq.ft (2024)
• Mint Street: Rs 13,000 per sq.ft (2024)
• Mint 1st Lane: Rs 6,600 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 3rd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total fees together to Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mint 3rd Lane?

The Sub Registrar Office that covers Mint 3rd 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 during property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mint 3rd Lane?

The current guideline value of Mint 3rd Lane is Rs 8,800 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 8,800 per sq.ft in 2024, reflecting an overall increase of 193%.

What are the stamp duty and registration fees for a property in Mint 3rd Lane?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office covers Mint 3rd Lane?

The Sowcarpet Sub Registrar Office covers Mint 3rd Lane, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the land classification for Mint 3rd Lane?

The land classification for Mint 3rd Lane is Commercial Class I Type - II.