Guideline Value for Incometax 1st Lane

Incometax 1st Lane guideline value

The current guideline value of Incometax 1st Lane is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Incometax 1st Lane has changed

The guideline value for Incometax 1st Lane has undergone several revisions over the years. The earliest recorded figure is from 2002, where the rate was Rs 290 per sq.ft. This increased to Rs 600 per sq.ft in 2003, marking a significant rise of 107%. The value continued to grow, reaching Rs 900 per sq.ft in 2007, which was a 50% increase from the previous year. In 2012, the value saw a notable jump to Rs 3,500 per sq.ft, reflecting a remarkable 289% increase. However, this figure dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The guideline value then rose to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,900 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1245%. The register has no figures for any other years apart from those mentioned.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO, with guideline values for 2024 ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, which is the same as the current guideline value for Incometax 1st Lane.

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

Stamp duty and registration fee for property in Incometax 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000. Together, the total cost for stamp duty and registration would be Rs 3,51,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Incometax 1st Lane?

The Incometax 1st Lane falls under the jurisdiction of 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 more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and fairly.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Incometax 1st Lane?

The current guideline value of Incometax 1st Lane 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 290 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, showing an overall increase of 1245% over the years.

What is the land classification for Incometax 1st Lane?

Incometax 1st Lane is classified as Residential Class I Type - III.

Where can I find the registration office for Incometax 1st Lane?

The registration office for Incometax 1st Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the stamp duty and registration fees for property in Incometax 1st Lane?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a property valued at Rs 39,00,000, the total cost for stamp duty and registration would be Rs 3,51,000.