Guideline Value for Park Lane Street

Park Lane Street guideline value

The current guideline value of Park Lane Street in Siruvallur village, under the Sembiam SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Park Lane Street has changed

The guideline value for Park Lane Street has seen several revisions over the years. In 2002, the value was Rs 427 per sq.ft, which increased to Rs 469 per sq.ft in 2003, marking a 10% rise. The value continued to rise significantly, reaching Rs 1,000 per sq.ft in 2007, an increase of 113%. By 2012, the value was Rs 1,800 per sq.ft, reflecting an 80% increase from the previous revision. However, from 2012 to 2017, the value decreased by 33% to Rs 1,206 per sq.ft. The value rose again to Rs 1,800 per sq.ft in 2023, followed by a further increase to Rs 1,900 per sq.ft in 2024, which is a 6% rise.

Overall, from 2002 to 2024, the guideline value has increased by 345%. The register has no figure for the years not mentioned in the revisions.

Guideline values in Siruvallur

In Siruvallur, there are 86 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 1,600 to Rs 6,600 per sq.ft. The median guideline value is Rs 1,900 per sq.ft, which is the same as that of Park Lane Street. Below are other streets in Siruvallur:

• Park Street: Rs 2,700 per sq.ft (2024)
• Paper Mills Road 2nd Lane: Rs 3,300 per sq.ft (2024)
• Paper Mills Road 1nd Lane: Rs 3,300 per sq.ft (2024)
• Paper Mills Road: Rs 6,600 per sq.ft (2024)
• Pananthoppu Railway Colony: Rs 1,900 per sq.ft (2024)
• Palavoyal Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Park Lane Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, while the registration fee at 2% would be Rs 38,000. Together, the total fees would be Rs 1,71,000. 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 Park Lane Street?

The Sub Registrar Office that covers Park Lane Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Siruvallur. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value to avoid any discrepancies during the registration process. The guideline value serves as a benchmark for both buyers and sellers, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Park Lane Street?

The current guideline value of Park Lane Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 427 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, reflecting an overall increase of 345% over this period.

What is the land classification for Park Lane Street?

Park Lane Street is classified under Residential Class III Type - I.

Where can I find the Sub Registrar Office for Park Lane Street?

The Sub Registrar Office for Park Lane Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Park Lane Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 19,00,000, the stamp duty would be Rs 1,33,000 at 7%.