Guideline Value for Incometax Colony 1st Street

Incometax Colony 1st Street guideline value

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

How the guideline value of Incometax Colony 1st Street has changed

The guideline value for Incometax Colony 1st Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the guideline value was Rs 900 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a substantial rise of 289%. However, there was a decrease to Rs 2,345 per sq.ft in 2017, reflecting a drop of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, before reaching the current rate of Rs 3,900 per sq.ft in 2024, an increase of 11%.

From 2017 to 2023, the increase was 49%, and overall, from 2007 to 2024, the guideline value has increased by 333%. It is important to note that there are no recorded figures for this street in the years 2002 and 2003.

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 is Rs 3,900 per sq.ft, which is equal to the current guideline value of Incometax Colony 1st Street.

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

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 be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling 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.

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

Which Sub Registrar Office covers Incometax Colony 1st Street?

The Sub Registrar Office covering Incometax Colony 1st Street is 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 information.

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

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

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. It is essential for both parties to be aware of the guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Incometax Colony 1st Street?

The current guideline value of Incometax Colony 1st Street 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 900 per sq.ft in 2007 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 333% over the years.

What is the land classification for Incometax Colony 1st Street?

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

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office located for this street?

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