Guideline Value for Incometax 2nd Lane

Incometax 2nd Lane guideline value

The current guideline value of Incometax 2nd Lane is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village and falls under the Alandur SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Incometax 2nd Lane has changed

Incometax 2nd Lane has seen several revisions in its guideline value over the years. The earliest recorded figure is from 2002, which was Rs 290 per sq.ft. This amount increased to Rs 600 per sq.ft in 2003, marking a change of +107%. The guideline value then rose to Rs 900 per sq.ft in 2007, showing an increase of +50%. The 2012 revision brought the value to Rs 3,500 per sq.ft, a significant jump of +289%. However, in 2017, the value dropped to Rs 2,345 per sq.ft, reflecting a decrease of -33%. The guideline value increased again to Rs 3,500 per sq.ft in 2023, followed by the current value of Rs 3,900 per sq.ft in 2024, which is an increase of +11%.

Overall, from 2002 to 2024, the guideline value has risen by +1245%. The register has no figures for the years not mentioned in the revisions.

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 value for these streets is Rs 3,900 per sq.ft, which is equal to the current guideline value for Incometax 2nd Lane.

• Incometax 1st 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 2nd Lane

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 Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Incometax 2nd Lane?

The Incometax 2nd Lane is covered by 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 during the registration of property transactions in Adambakkam. It is used to determine the stamp duty and registration fees payable when a property is bought or sold. The higher of the guideline value and the sale price is taken into account for these calculations.

When purchasing property, understanding the guideline value helps buyers budget for additional costs associated with the transaction. It ensures that all parties are aware of the minimum value considered for taxation purposes, promoting transparency in real estate dealings.

Frequently asked questions

What is the current guideline value of Incometax 2nd Lane?

The current guideline value of Incometax 2nd 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 significantly from Rs 290 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of +1245% over the years.

What is the stamp duty for properties in Incometax 2nd Lane?

The stamp duty for properties in Incometax 2nd Lane is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the registration office for Incometax 2nd Lane?

The registration office covering Incometax 2nd Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the other streets with the same guideline value in Adambakkam?

Other streets in Adambakkam with a guideline value of Rs 3,900 per sq.ft include Incometax 1st Lane, Incometax 3rd Lane, Incometax Colony 1st Street, Incometax Colony 2nd Street, Incometax Colony 3rd Street, and Incom-tax Colony 4th Street.