Guideline Value for STRAHANS 7TH LANE

Strahans 7th Lane guideline value

The current guideline value of Strahans 7th Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Strahans 7th Lane has changed

The guideline value of Strahans 7th Lane has seen several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 1,100 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 355%. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The value then rose to Rs 5,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, an increase of 10% from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 400%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, which is equal to the 2024 figure for Strahans 7th Lane.

• Strahans 6th Lane: Rs 5,500 per sq.ft (2024)
• Strahans 8th Lane: Rs 5,500 per sq.ft (2024)
• Strahans 5th Lane: Rs 5,500 per sq.ft (2024)
• Strahans 9th Lane: Rs 5,500 per sq.ft (2024)
• Strahans 4th Lane: Rs 5,500 per sq.ft (2024)
• Strahans Road: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Strahans 7th Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Strahans 7th Lane?

The Sub Registrar Office that covers Strahans 7th Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value plays a crucial role when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must be aware that the guideline value is used to calculate the stamp duty and registration fees applicable during the transaction.

When a property is registered, the authorities will refer to the guideline value to ensure that the transaction is recorded at a fair value. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of Strahans 7th Lane?

The current guideline value of Strahans 7th Lane is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Strahans 7th Lane has changed from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 400%.

What is the land classification for Strahans 7th Lane?

Strahans 7th Lane is classified as Residential Class III Type - I.

Where is the Purasaivakkam Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Strahans 7th Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at 7%.