Guideline Value for Tailor lane

Tailor lane guideline value

The current guideline value of Tailor lane in Muthialpet village is Rs 4,900 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - III.

How the guideline value of Tailor lane has changed

The guideline value for Tailor lane has undergone several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft. This increased significantly to Rs 4,500 per sq.ft in 2012, marking a 200% rise. However, the value then decreased to Rs 3,015 per sq.ft in 2017, reflecting a 33% drop. The value saw substantial growth again, reaching Rs 4,500 per sq.ft in 2023, which was a 49% increase from the previous revision. As of 2024, the guideline value stands at Rs 4,900 per sq.ft, representing a 9% increase from 2023.

The register does not have figures for Tailor lane for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 227%.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, making Tailor lane's 2024 figure below that median.

• Sunkurama street: Rs 7,700 per sq.ft (2024)
• Thakar lane: Rs 7,100 per sq.ft (2024)
• Thakar Street: Rs 7,100 per sq.ft (2024)
• Thambu Chetty Street 4th segment (Mannady Street to Ibrahim Street Junction): Rs 8,800 per sq.ft (2024)
• Thambu Chetty street IIIrd Segment (P.O.Street to Mannady street Junction): Rs 15,900 per sq.ft (2024)
• Thambu Chetty street IInd segment (Mookar Nallamuthu Street to P.O. Street Junction): Rs 15,900 per sq.ft (2024)

Stamp duty and registration fee for property in Tailor lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total fees to Rs 4,41,000. 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 Tailor lane?

The Sub Registrar Office that covers Tailor lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more details.

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

The guideline value is essential when buying or selling property in Muthialpet, as it determines the minimum value at which properties can be registered. This value is used to calculate the stamp duty and registration fees that buyers must pay during the transaction.

Additionally, the guideline value serves as a benchmark for property transactions in the area, ensuring that properties are registered at a fair value according to government regulations.

Frequently asked questions

What is the current guideline value of Tailor lane?

The current guideline value of Tailor lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,500 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 227% over this period.

What is the classification of land in Tailor lane?

Tailor lane is classified as Residential Class I Type - III under the Chennai North Joint I SRO.

Where can I find the Sub Registrar Office for Tailor lane?

The Sub Registrar Office for Tailor lane is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

How is the stamp duty calculated for properties in Tailor lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 at a rate of 7%.