Guideline Value for UMAPATHI LANE

Umapathi Lane guideline value

The current guideline value of Umapathi Lane is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in the Sholinganallur - 1 village under the Neelankarai SRO, classified as Residential Class IV Type - I.

How the guideline value of Umapathi Lane has changed

The guideline value for Umapathi Lane has undergone several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent 2024 revision has further increased the guideline value to Rs 1,700 per sq.ft, reflecting a 13% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 69%. It is important to note that there are no figures available for Umapathi Lane in the revisions from 2002, 2003, 2007, and 2012.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, positioning Umapathi Lane's guideline value below this median.

• Uma Maheswari Avenue: Rs 2,200 per sq.ft (2024)
• Uma Thottam: Rs 1,700 per sq.ft (2024)
• Ulaveethi Amman Koil Street: Rs 1,100 per sq.ft (2024)
• Ulaveethi Amman Koil 2nd Street: Rs 1,100 per sq.ft (2024)
• Ulaveethi Amman Koil 1st Street: Rs 1,100 per sq.ft (2024)
• Uratchi Ondirya School Street 1st Cross Street Extension: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Umapathi Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total cost for these fees to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Umapathi Lane?

The Sub Registrar Office that covers Umapathi Lane is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling a property in Sholinganallur - 1, the guideline value will influence the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it can affect the overall cost of the transaction. The guideline value serves as a reference point for both parties during negotiations and is used by the registration authority to assess the applicable fees.

Frequently asked questions

What is the current guideline value of Umapathi Lane?

The current guideline value of Umapathi Lane is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 69% during this period.

What is the land classification for Umapathi Lane?

Umapathi Lane is classified as Residential Class IV Type - I according to the guideline value register.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Umapathi Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,19,000.