Guideline Value for Thakar lane

Thakar lane guideline value

The current guideline value of Thakar lane in Muthialpet village is Rs 7,100 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 - II.

How the guideline value of Thakar lane has changed

The guideline value for Thakar lane has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 1,808 per sq.ft. This increased to Rs 2,055 per sq.ft in 2003, marking a change of +14%. By 2007, the value rose significantly to Rs 2,300 per sq.ft, which is a +12% increase from the previous revision. The 2012 revision saw the value jump to Rs 6,500 per sq.ft, reflecting a substantial increase of +183% from 2007. However, this value dropped to Rs 4,355 per sq.ft in 2017, indicating a decrease of -33%.

From 2017 to 2023, the guideline value experienced a notable increase of +49%, reaching Rs 6,500 per sq.ft. The most recent revision in 2024 set the value at Rs 7,100 per sq.ft, which is a +9% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by +293%.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, placing Thakar lane's 2024 figure above that median.

• 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)
• Thambu Chetty street Ist segment (N.S.C Bose Road to Mookar Nallamuthu Street street): Rs 18,000 per sq.ft (2024)
• Tailor lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Thakar lane

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further assistance, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thakar lane?

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

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

The guideline value is a crucial reference when buying or selling property in Muthialpet. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any legal issues during registration. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Thakar lane?

The current guideline value of Thakar lane is Rs 7,100 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 1,808 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of +293%.

What is the classification of Thakar lane?

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

What are the stamp duty and registration fees for property in Thakar lane?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 71,00,000, the total fees would be Rs 6,39,000.

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

The Sub Registrar Office for Thakar lane is located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find more details online.