Guideline Value for South Market Lane

South Market Lane guideline value

The current guideline value of South Market Lane in Muthiyalpet village, under the Sowcarpet SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. This land is classified as Residential Special Type - I.

How the guideline value of South Market Lane has changed

The guideline value for South Market Lane has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 2,000 per sq.ft. This increased significantly to Rs 5,500 per sq.ft in 2012, marking a rise of 175%. However, it then decreased to Rs 3,685 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 5,500 per sq.ft in 2023, reflecting an increase of 49%. The most recent revision in 2024 set the guideline value at Rs 6,000 per sq.ft, which is a 9% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 200%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO carrying a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, which means South Market Lane's 2024 figure is above that median.

• Somasundara Mudali Street: Rs 4,400 per sq.ft (2024)
• Sivarama Sastri Street: Rs 4,400 per sq.ft (2024)
• Singannan Street: Rs 4,400 per sq.ft (2024)
• Shanmugarayan Street: Rs 4,400 per sq.ft (2024)
• Shanmugarayan Lane: Rs 4,400 per sq.ft (2024)
• Shanmuga Mudali Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in South Market Lane

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, totaling Rs 5,40,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers South Market Lane?

The Sub Registrar Office that covers South Market Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Muthiyalpet. It is used to determine the stamp duty and registration fees that need to be paid during the sale or purchase of property. Buyers and sellers should be aware that the guideline value influences the overall cost of property transactions.

When registering a property, the guideline value serves as a reference point to ensure that the transaction is documented accurately. It helps in maintaining transparency and standardization in property dealings within the region.

Frequently asked questions

What is the current guideline value of South Market Lane?

The current guideline value of South Market Lane is Rs 6,000 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 2,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, representing an overall increase of 200%.

What is the land classification for South Market Lane?

South Market Lane is classified as Residential Special Type - I, which indicates its intended use for residential purposes.

What is the registration office for South Market Lane?

The registration office for South Market Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the stamp duty calculated for properties in Muthiyalpet?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 60,00,000, the stamp duty at 7% would be Rs 4,20,000.