Guideline Value for South Railway Lane

South Railway Lane guideline value

The current guideline value of South Railway Lane is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village under the Royapuram SRO and is classified as Residential Class II Type - I.

How the guideline value of South Railway Lane has changed

The guideline value for South Railway Lane has undergone several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012, marking a 100% rise. However, the value dropped to Rs 804 per sq.ft in 2017, reflecting a decrease of 33%. The 2023 revision saw a substantial increase to Rs 1,200 per sq.ft, and the most recent 2024 revision raised it further to Rs 1,300 per sq.ft, an increase of 8%.

It is important to note that there are no figures available for South Railway Lane in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 117%.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value for the area is Rs 1,600 per sq.ft, which means South Railway Lane's 2024 figure is below this median.

• South Mada Church Street: Rs 2,200 per sq.ft (2024)
• Solaiappan Street: Rs 2,200 per sq.ft (2024)
• Solaiappan 3rd lane: Rs 2,200 per sq.ft (2024)
• Solaiappan 2nd lane: Rs 2,200 per sq.ft (2024)
• Solaiappan 1st lane: Rs 2,200 per sq.ft (2024)
• S.no 2996/1 to 10: Rs 10,100 per sq.ft (2024)

Stamp duty and registration fee for property in South Railway Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees together to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers South Railway Lane?

The Sub Registrar Office that covers South Railway Lane is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for further assistance.

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

The guideline value is a critical factor in the registration process when buying or selling property in Tondaiarpet. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for both the buyer and seller. It also aids in the assessment of taxes related to property transactions.

Frequently asked questions

What is the current guideline value of South Railway Lane?

The current guideline value of South Railway Lane is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 117% over the years.

What is the land classification for South Railway Lane?

South Railway Lane is classified as Residential Class II Type - I according to the local land classification regulations.

Where can I find the Sub Registrar Office for South Railway Lane?

The Sub Registrar Office for South Railway Lane is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 13,00,000, the stamp duty is Rs 91,000, and the registration fee is Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.