Guideline Value for Sherfuddin Garden 1st Lane

Sherfuddin Garden 1st Lane guideline value

The current guideline value of Sherfuddin Garden 1st Lane is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - I.

How the guideline value of Sherfuddin Garden 1st Lane has changed

Over the years, the guideline value of Sherfuddin Garden 1st Lane has seen significant changes. In 2002, the guideline value was Rs 588 per sq.ft. It increased to Rs 645 per sq.ft in 2003, marking a 10% rise. The value then jumped to Rs 1,650 per sq.ft in 2007, reflecting a substantial increase of 156%. Following this, the value surged to Rs 6,000 per sq.ft in 2012, showing a remarkable growth of 264%. However, it dropped to Rs 4,020 per sq.ft in 2017, representing a decline of 33%. The value then rose again to Rs 6,000 per sq.ft in 2023, which was a 49% increase. The latest revision in 2024 set the guideline value at Rs 6,600 per sq.ft, a 10% increase from the previous year.

There are no figures available for the years not mentioned in the register for this street. The overall change from 2002 to 2024 shows an increase of 1022% in the guideline value.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value is Rs 6,600 per sq.ft, which matches the current figure for Sherfuddin Garden 1st Lane.

• Sherfuddin Garden 2nd Lane: Rs 8,800 per sq.ft (2024)
• Sherfuddin Garden Blind Lane: Rs 8,800 per sq.ft (2024)
• Sheik Gaja Street: Rs 5,500 per sq.ft (2024)
• Sheik Dawood Street: Rs 7,700 per sq.ft (2024)
• Singa Perumal Koil Street: Rs 6,600 per sq.ft (2024)
• Singarachari Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sherfuddin Garden 1st Lane

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value totals Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000. Together, the total fees would be Rs 5,94,000. 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 precise calculations.

Which Sub Registrar Office covers Sherfuddin Garden 1st Lane?

The Sub Registrar Office that covers Sherfuddin Garden 1st Lane is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. For more information, you can find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Triplicane. It serves as a benchmark for determining the minimum value at which a property can be sold or registered. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is legally compliant.

During the registration process, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sherfuddin Garden 1st Lane?

The current guideline value of Sherfuddin Garden 1st Lane is Rs 6,600 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 588 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 1022% over this period.

What is the land classification for Sherfuddin Garden 1st Lane?

Sherfuddin Garden 1st Lane is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Triplicane Sub Registrar Office?

The Triplicane Sub Registrar Office is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 66,00,000 would incur a stamp duty of Rs 4,62,000 and a registration fee of Rs 1,32,000.