Guideline Value for Incometax Colony 3rd Street

Incometax Colony 3rd Street guideline value

The current guideline value of Incometax Colony 3rd Street is Rs 3,900 per sq.ft. 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 3rd Street has changed

The guideline value for Incometax Colony 3rd Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 291 per sq.ft. This increased to Rs 600 per sq.ft in 2003, marking a change of +106%. The value rose further to Rs 900 per sq.ft in 2007, an increase of +50%. However, between 2007 and 2012, the value decreased to Rs 3,500 per sq.ft, reflecting a decline of -33%. In 2017, the value was revised to Rs 2,345 per sq.ft, which was a significant drop. The 2023 revision brought the value back up to Rs 3,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 3,900 per sq.ft, an increase of +11% from the previous year.

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

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that have 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 Incometax Colony 3rd Street.

• Incometax Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• Incom-tax Colony 4th Street: Rs 3,900 per sq.ft (2024)
• Incometax Colony 1st Street: Rs 3,900 per sq.ft (2024)
• Incom-tax Colony Main road: 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 Incometax Colony 3rd 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 amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to 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 the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Incometax Colony 3rd Street?

The Incometax Colony 3rd 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 more details.

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

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

When buying or selling property, it is essential to be aware of the guideline value as it can affect the overall transaction costs. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Incometax Colony 3rd Street?

The current guideline value of Incometax Colony 3rd 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 this period.

What are the stamp duty and registration fees for properties in Incometax Colony 3rd Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 2,73,000, and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which Sub Registrar Office handles registrations for Incometax Colony 3rd Street?

The Alandur Sub Registrar Office handles registrations for Incometax Colony 3rd Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification of Incometax Colony 3rd Street?

Incometax Colony 3rd Street is classified as Residential Class I Type - III, indicating its designation for residential use.