Guideline Value for Railway Lane

Railway Lane guideline value

The current guideline value of Railway Lane, located in Nanganallur village under the Alandur SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Railway Lane has changed

The guideline value for Railway Lane has seen several revisions over the years. In 2007, the value was Rs 1,200 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 2,010 per sq.ft in 2017. The value then rose sharply to Rs 3,000 per sq.ft in 2023, and most recently, it has been revised to Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

Between the revisions, the changes were notable. From 2007 to 2012, there was a substantial increase of 150%, but then a decrease of 33% occurred from 2012 to 2017. Following that, there was a significant rise of 49% from 2017 to 2023. Overall, from 2007 to 2024, the guideline value has increased by 175%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nanganallur

Nanganallur village has a total of 155 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, placing Railway Lane's 2024 figure below this median.

• Rajaji 1st Street: Rs 2,800 per sq.ft (2024)
• Rajaji 2nd Street: Rs 2,800 per sq.ft (2024)
• Poonthottam Colony Street: Rs 4,400 per sq.ft (2024)
• Poonthottam 2nd Street: Rs 5,500 per sq.ft (2024)
• Poonthottam 1st Street: Rs 5,500 per sq.ft (2024)
• Pookkara Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Railway Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. 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 Railway Lane?

The Sub Registrar Office that covers Railway Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property transactions in Nanganallur. It is used to calculate the stamp duty and registration fees that must be paid at the time of registration. Buyers and sellers should be aware that the guideline value is a significant factor in determining the financial obligations related to property transactions.

When a property is sold, the guideline value ensures that the transaction is recorded accurately and reflects the legal value of the property. This helps maintain transparency and accountability in real estate transactions within the region.

Frequently asked questions

What is the current guideline value of Railway Lane?

The current guideline value of Railway Lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 175% over the years.

What are the other streets in Nanganallur with their guideline values?

Other streets in Nanganallur include Rajaji 1st Street and Rajaji 2nd Street at Rs 2,800 per sq.ft, and Poonthottam Colony Street at Rs 4,400 per sq.ft, among others.

What is the registration fee for property in Railway Lane?

The registration fee for property in Railway Lane is calculated based on the guideline value. For a property valued at Rs 33,00,000, the registration fee would be Rs 66,000.

Where can I find the Sub Registrar Office for Railway Lane?

The Sub Registrar Office for Railway Lane is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.