Guideline Value for Incom-tax Colony Main road

Incom-tax Colony Main road guideline value

The current guideline value of Incom-tax Colony Main road is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the jurisdiction of the Alandur SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Incom-tax Colony Main road has changed

The guideline value for Incom-tax Colony Main road has seen significant changes over the years. In 2002, the guideline value was Rs 289 per sq.ft, which increased to Rs 600 per sq.ft in 2003, marking a 108% rise. By 2007, the value further increased to Rs 900 per sq.ft, a growth of 50%. The value then jumped to Rs 3,500 per sq.ft in 2012, reflecting a substantial increase of 289%. However, it decreased to Rs 2,345 per sq.ft in 2017, which was a decline of 33%. The value rose again to Rs 3,500 per sq.ft in 2023, and finally reached Rs 3,900 per sq.ft in 2024, reflecting an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1249%. There are no figures available for any revisions in the years not listed in the register for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, which is equal to the current value of Incom-tax Colony Main road.

• Incom-tax Colony 4th Street: Rs 3,900 per sq.ft (2024)
• Incometax Colony 3rd Street: Rs 3,900 per sq.ft (2024)
• Incometax Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• Incometax Colony 1st Street: Rs 3,900 per sq.ft (2024)
• Incometax 3rd Lane: Rs 3,900 per sq.ft (2024)
• Incometax 2nd Lane: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Incom-tax Colony Main road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total cost for stamp duty and registration fees Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Incom-tax Colony Main road?

The Incom-tax Colony Main road falls under the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Adambakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value serves as a benchmark for calculating stamp duty and registration fees.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Incom-tax Colony Main road?

The current guideline value of Incom-tax Colony Main road is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 289 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, showing an overall increase of 1249% over the years.

What is the land classification for Incom-tax Colony Main road?

The land classification for Incom-tax Colony Main road is Residential Class I Type - III.

Where can I find the Alandur Sub Registrar Office?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Adambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 at a rate of 7%.