Guideline Value for Incometax Colony 2nd Street

Incometax Colony 2nd Street guideline value

The current guideline value of Incometax Colony 2nd Street 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 Colony 2nd Street has changed

The guideline value for Incometax Colony 2nd Street has seen several revisions over the years. In 2002, the value was Rs 291 per sq.ft, which increased to Rs 600 per sq.ft in 2003, marking a 106% rise. The value continued to rise to Rs 900 per sq.ft in 2007, reflecting a 50% increase. However, there was a significant jump to Rs 3,500 per sq.ft in 2012, representing a 289% increase. The value then decreased to Rs 2,345 per sq.ft in 2017, which was a decline of 33%. In 2023, the value rose to Rs 3,500 per sq.ft, and the latest revision in 2024 has set it at Rs 3,900 per sq.ft, showing an 11% increase from the previous year.

There are no figures available for the revisions in years not listed above for this street. Overall, from 2002 to 2024, the guideline value has increased by 1240%.

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, with the median value being Rs 3,900 per sq.ft. The guideline value for Incometax Colony 2nd Street aligns with this median.

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

Stamp duty and registration fee for property in Incometax Colony 2nd Street

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, making the total cost for these fees Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for accurate calculations.

Which Sub Registrar Office covers Incometax Colony 2nd Street?

The Incometax Colony 2nd Street 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 further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the sale or purchase of property.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives due revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Incometax Colony 2nd Street?

The current guideline value of Incometax Colony 2nd 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 291 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1240% over the years.

What are the stamp duty and registration fees for properties in Incometax Colony 2nd Street?

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.

Which office handles registrations for Incometax Colony 2nd Street?

The Alandur Sub Registrar Office handles registrations for Incometax Colony 2nd Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Incometax Colony 2nd Street?

Incometax Colony 2nd Street is classified as Residential Class I Type - III.