Guideline Value for School Lane

School Lane guideline value

The current guideline value of School Lane in Nungambakkam village is Rs 7,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of School Lane has changed

The guideline value for School Lane has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 2,000 per sq.ft. This increased significantly to Rs 6,500 per sq.ft in the 2012 revision, followed by a decrease to Rs 4,355 per sq.ft in 2017. The 2023 revision marked an increase to Rs 6,500 per sq.ft, and the most recent 2024 revision established the current value at Rs 7,100 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

The changes between revisions include a remarkable increase of 225% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and finally, there was a 9% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 255%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, which means that School Lane's 2024 figure is below the median.

• School Road: Rs 7,100 per sq.ft (2024)
• Scheme Road (70 Feet): Rs 11,500 per sq.ft (2024)
• Scheme Road (40 Feet): Rs 8,800 per sq.ft (2024)
• Seetha Nagar 1st Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 2nd Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 3rd Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in School Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total cost for these fees to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers School Lane?

The Sub Registrar Office covering School Lane is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Nungambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

When a property is sold or purchased, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of School Lane?

The current guideline value of School Lane is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 255% over the years.

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

Other streets in Nungambakkam include School Road at Rs 7,100 per sq.ft, Scheme Road (70 Feet) at Rs 11,500 per sq.ft, and Seetha Nagar 1st Street at Rs 6,600 per sq.ft, among others.

What are the stamp duty and registration fees for property in School Lane?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which Sub Registrar Office covers School Lane?

The Chennai Central Joint II Sub Registrar Office covers School Lane, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.