Guideline Value for Tank Lane Street

Tank Lane Street guideline value

The current guideline value of Tank Lane Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Siruvallur village and falls under the Sembiam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Tank Lane Street has changed

The guideline value for Tank Lane Street has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,000 per sq.ft. It increased significantly to Rs 1,800 per sq.ft in the 2012 revision, marking an 80% rise. However, the value then decreased to Rs 1,206 per sq.ft in the 2017 revision, reflecting a decline of 33%. The 2023 revision saw a substantial increase to Rs 1,800 per sq.ft, and the most recent 2024 revision has set the value at Rs 1,900 per sq.ft, which is a 6% increase from the previous year.

The overall change from the 2007 revision to the 2024 revision is an increase of 90%. It should be noted that there are no figures available for the revisions in the years 2002 and 2003 for this street.

Guideline values in Siruvallur

In Siruvallur, there are 86 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 6,600 per sq.ft. The median guideline value is Rs 1,900 per sq.ft, which is equal to the current value of Tank Lane Street.

• Sundara Vinayagar Koil 2nd Street: Rs 1,900 per sq.ft (2024)
• Sundara Vinayagar Koil 2nd Lane: Rs 1,600 per sq.ft (2024)
• Sundara Vinayagar Koil 1st Street: Rs 1,900 per sq.ft (2024)
• Sundara Vinayagar Koil 1st Lane: Rs 1,600 per sq.ft (2024)
• Thatchar Street: Rs 1,900 per sq.ft (2024)
• Thimmasamy Dharka 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Tank Lane Street

For a 1,000 sq.ft plot at the current rate of Rs 1,900 per sq.ft, the guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, totaling Rs 1,71,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Tank Lane Street?

The Sub Registrar Office that covers Tank Lane Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is an essential factor when it comes to property transactions in Siruvallur. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees that need to be paid. This ensures that the transaction is recorded accurately and that all necessary taxes are paid to the government.

Frequently asked questions

What is the current guideline value for Tank Lane Street?

The current guideline value for Tank Lane Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,000 per sq.ft in 2007 to Rs 1,900 per sq.ft in 2024, marking an overall increase of 90% over the years.

What is the land classification for Tank Lane Street?

The land classification for Tank Lane Street is Residential Class III Type - I.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Tank Lane Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 19,00,000 would incur a stamp duty of Rs 1,33,000 at 7%.