Guideline Value for ST.MARY'S LANE

St.Mary's Lane guideline value

The current guideline value of St.Mary's Lane is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class II Type - III.

How the guideline value of St.Mary's Lane has changed

The guideline value of St.Mary's Lane has undergone several revisions over the years. In 2007, the guideline value was Rs 1,540 per sq.ft, which increased significantly to Rs 10,500 per sq.ft in 2012, marking a remarkable rise of 582%. However, from 2012 to 2017, there was a decrease to Rs 7,035 per sq.ft, reflecting a drop of 33%. The most recent revision in 2024 set the guideline value at Rs 11,500 per sq.ft, representing an increase of 63% from the 2017 figure. Overall, from 2007 to 2024, the guideline value has increased by 647%.

It is important to note that the register has no figures for St.Mary's Lane for the years 2023, 2003, and 2002.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, positioning St.Mary's Lane's 2024 figure above that median.

• Subbaraya Avenue: Rs 13,200 per sq.ft (2024)
• Subbarayan Street/Salai: Rs 7,100 per sq.ft (2024)
• Subramania Gurukkal Street: Rs 7,100 per sq.ft (2024)
• Sudhanthira Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Sudhanthira Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Sudhanthira Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in St.Mary's Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total fees together to Rs 10,35,000. 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 St.Mary's Lane?

The Sub Registrar Office that covers St.Mary's Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction. Buyers and sellers must adhere to the guideline value set by the authorities to ensure compliance with local regulations.

When a property is sold, the buyer is required to pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions while providing a transparent framework for buyers and sellers in the real estate market.

Frequently asked questions

What is the current guideline value of St.Mary's Lane?

The current guideline value of St.Mary's Lane is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 1,540 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, marking an overall increase of 647% over the years.

What are the stamp duty rates applicable to St.Mary's Lane?

The stamp duty for property transactions in St.Mary's Lane is charged at 7% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office handles registrations for St.Mary's Lane?

The Mylapore Sub Registrar Office handles registrations for St.Mary's Lane, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the significance of the guideline value in property transactions?

The guideline value is essential as it determines the stamp duty and registration fees for property transactions. It ensures that buyers and sellers comply with local regulations and provides a transparent framework for conducting real estate transactions.