Guideline Value for II Main Road

II Main Road guideline value

The current guideline value of II Main Road in Kodambakkam village, under the Ashok Nagar SRO, is Rs 4,100 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - I land classification.

How the guideline value of II Main Road has changed

Over the years, the guideline value of II Main Road has seen significant changes. The 2007 revision recorded a guideline value of Rs 800 per sq.ft, which then increased dramatically to Rs 3,750 per sq.ft in 2012, reflecting a rise of 369%. However, from 2012 to 2017, the value decreased to Rs 2,512 per sq.ft, marking a decline of 33%. The subsequent revisions saw a substantial increase, with the 2023 revision setting the value at Rs 3,750 per sq.ft, which then rose by 9% to reach the current value of Rs 4,100 per sq.ft in 2024.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 413%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, indicating that II Main Road's current value is below this median.

• Housing Board Block 26: Rs 4,100 per sq.ft (2024)
• Housing Board (Ashok Nagar) Block 53: Rs 4,100 per sq.ft (2024)
• Indira Colony (1st Avenue): Rs 11,000 per sq.ft (2024)
• Indira Colony 1st Street: Rs 8,800 per sq.ft (2024)
• Indira Colony 2nd Street: Rs 8,800 per sq.ft (2024)
• Indira Colony 3rd Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in II Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,100 per sq.ft, the total guideline value would be Rs 41,00,000. The stamp duty at 7% would amount to Rs 2,87,000, and the registration fee at 2% would be Rs 82,000. Together, the total cost for these fees would be Rs 3,69,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers II Main Road?

The II Main Road is covered by the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office. To locate your specific SRO, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Kodambakkam. It is the minimum value set by the government for property transactions, ensuring that properties are not sold below this value for the purpose of registration.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of II Main Road?

The current guideline value of II Main Road is Rs 4,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 800 per sq.ft in 2007 to Rs 4,100 per sq.ft in 2024, representing an overall increase of 413%.

What is the land classification for II Main Road?

II Main Road is classified under Residential Class IV Type - I, indicating its designation for residential use.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for II Main Road located?

The Sub Registrar Office covering II Main Road is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office.