Guideline Value for Model Line 8th Lane

Model Line 8th Lane guideline value

The current guideline value of Model Line 8th Lane is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the Royapuram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Model Line 8th Lane has changed

Over the years, the guideline value of Model Line 8th Lane has experienced several revisions. The earliest recorded revision is from 2007, where the guideline value was Rs 600 per sq.ft. This increased significantly by 100% to Rs 1,200 per sq.ft in 2012. The value remained unchanged at Rs 1,200 per sq.ft until the 2023 revision, which also recorded no change. However, in 2024, the guideline value rose to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 117%. Notably, there are no figures available for the years 2002, 2003, and 2017 in the register for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, indicating that Model Line 8th Lane's 2024 figure is below the median.

• Model Line 7th Lane: Rs 1,300 per sq.ft (2024)
• Model Line 9th Lane: Rs 1,300 per sq.ft (2024)
• Model Line 6th Lane: Rs 1,300 per sq.ft (2024)
• Model Line Gudisai Paguthi Street: Rs 1,100 per sq.ft (2024)
• Model Line 5th Lane: Rs 1,300 per sq.ft (2024)
• Model Line 4th Lane: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Model Line 8th Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total charges Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Model Line 8th Lane?

The Sub Registrar Office that covers Model Line 8th Lane is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Tondaiarpet. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official rates set by the government.

When a property transaction occurs, the guideline value helps to establish a fair basis for taxation, which is essential for both buyers and sellers. This ensures transparency and compliance with the legal requirements of property transactions.

Frequently asked questions

What is the current guideline value of Model Line 8th Lane?

The current guideline value of Model Line 8th Lane is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 600 per sq.ft to Rs 1,300 per sq.ft in 2024, marking an overall increase of 117%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which office handles registrations for Model Line 8th Lane?

The Royapuram Sub Registrar Office handles registrations for Model Line 8th Lane, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It ensures that these fees are based on the official rates, providing a transparent framework for buyers and sellers.