Guideline Value for Officers Lane

Officers Lane guideline value

The current guideline value of Officers Lane in Cantonment Pallavaram village is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Officers Lane has changed

The guideline value for Officers Lane has seen several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 1,035 per sq.ft. This increased to Rs 1,000 per sq.ft in 2007, followed by a significant increase to Rs 3,500 per sq.ft in 2012. However, this figure dropped by 33% to Rs 2,345 per sq.ft in 2017. The value then rose sharply by 49% to Rs 3,500 per sq.ft in 2023, and most recently, it increased by 10% to the current value of Rs 3,850 per sq.ft in 2024.

It is important to note that the register has no figure for Officers Lane in 2002. Overall, from 2003 to 2024, the guideline value has increased by 272%.

Guideline values in Cantonment Pallavaram

In Cantonment Pallavaram, there are 81 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 11,000 per sq.ft. The median value is Rs 2,700 per sq.ft, placing Officers Lane's 2024 figure above this median.

• Old Trunk Road: Rs 11,000 per sq.ft (2024)
• Pachyappa Naicken Street: Rs 3,300 per sq.ft (2024)
• Nehru Street: Rs 2,200 per sq.ft (2024)
• P.A. Jaganathan Lane: Rs 3,850 per sq.ft (2024)
• P.A. Jaganathan Street: Rs 3,850 per sq.ft (2024)
• Pandian Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Officers Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total fees together Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Officers Lane?

The Sub Registrar Office that covers Officers Lane is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Cantonment Pallavaram. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Officers Lane?

The current guideline value of Officers Lane is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,035 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, with several revisions in between, including a significant increase of 49% from 2017 to 2023.

What is the land classification for Officers Lane?

Officers Lane is classified as Residential Class I Type - I, indicating its designation for residential purposes.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Officers Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.