Guideline Value for Union Public Lane

Union Public Lane guideline value

The current guideline value of Union Public Lane is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Union Public Lane has changed

The guideline value for Union Public Lane has seen several revisions over the years. In 2002, the value was Rs 319 per sq.ft, which increased to Rs 346 per sq.ft in 2003. Following that, the value rose significantly to Rs 700 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017 before increasing to Rs 2,500 per sq.ft in 2023, and finally reaching Rs 2,700 per sq.ft in 2024.

Between the revisions, there were notable changes. From 2017 to 2023, there was a significant increase of 49%. The value decreased by 33% from 2012 to 2017. The most substantial increase occurred from 2007 to 2012, with a rise of 257%. Overall, from 2002 to 2024, the guideline value has increased by 746%.

Guideline values in Sembiam

In Sembiam village, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, which is equal to the current value of Union Public Lane.

• Vajiravelu Mudali Street: Rs 2,700 per sq.ft (2024)
• Vasudevagramani Street: Rs 2,200 per sq.ft (2024)
• Thivuvalluvar Street: Rs 2,700 per sq.ft (2024)
• Thitty Thottam 6th Street: Rs 2,700 per sq.ft (2024)
• Thitty Thottam 6th Cross Street: Rs 2,700 per sq.ft (2024)
• Thitty Thottam 5th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Union Public Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000, resulting in a total of Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Union Public Lane?

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

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

The guideline value is a crucial factor during the registration of property transactions in Sembiam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it impacts the overall cost of the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Union Public Lane?

The current guideline value of Union Public Lane is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 319 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, with various revisions in between.

What is the land classification of Union Public Lane?

Union Public Lane is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Union Public Lane?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 2,43,000 in fees.

Where is the Sub Registrar Office for Union Public Lane located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011, and it handles registrations for Union Public Lane.