Guideline Value for Sumit Lane

Sumit Lane guideline value

The current guideline value of Sumit Lane in Irumpuliyur village is Rs 2,530 per sq.ft, effective from 1 July 2024. This falls under the Tambaram Joint 1 SRO and is classified as Residential Special Type - I.

How the guideline value of Sumit Lane has changed

The guideline value for Sumit Lane has undergone several revisions over the years. In 2007, the value was set at Rs 500 per sq.ft, which saw a significant increase to Rs 2,300 per sq.ft in 2012. However, this figure dropped by 33% to Rs 1,541 per sq.ft in 2017. The value then rose dramatically to Rs 2,300 per sq.ft in 2023, before reaching the current rate of Rs 2,530 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2007 to 2024, the guideline value has increased by 406%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Irumpuliyur

In Irumpuliyur, there are 218 streets under the Tambaram Joint 1 SRO, with the 2024 guideline values ranging from Rs 880 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Sumit Lane's 2024 figure above this median.

• Sudhananda Bharati Street: Rs 3,850 per sq.ft (2024)
• Subramainya Siva Street: Rs 2,530 per sq.ft (2024)
• Tamil Poonga Street: Rs 2,530 per sq.ft (2024)
• Thanthai Periyar Nagar: Rs 2,200 per sq.ft (2024)
• Thilagavathi 2nd Street: Rs 2,530 per sq.ft (2024)
• Thilagavathi Main Road: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Sumit Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total fees to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sumit Lane?

Sumit Lane falls under the Tambaram Joint 1 Sub Registrar Office located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

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

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sumit Lane?

The current guideline value of Sumit Lane is Rs 2,530 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 500 per sq.ft to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 406%.

What are the other streets in Irumpuliyur with similar guideline values?

Other streets in Irumpuliyur include Sudhananda Bharati Street at Rs 3,850 per sq.ft, Subramainya Siva Street, Tamil Poonga Street, Thilagavathi 2nd Street, and Thilagavathi Main Road, all at Rs 2,530 per sq.ft, and Thanthai Periyar Nagar at Rs 2,200 per sq.ft.

What fees are associated with property transactions in Sumit Lane?

For a property in Sumit Lane, the stamp duty is 7% and the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Sumit Lane located?

The Tambaram Joint 1 Sub Registrar Office for Sumit Lane is located at No.26, Mes Road, East Tambaram, Chennai-600059.