Guideline Value for Indira Nagar 1st Cross Street

Indira Nagar 1st Cross Street guideline value

The current guideline value of Indira Nagar 1st Cross Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and falls under the Residential Class II Type - II land classification.

How the guideline value of Indira Nagar 1st Cross Street has changed

The guideline value for Indira Nagar 1st Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 253 per sq.ft, which increased to Rs 289 per sq.ft in 2003, reflecting a change of +14%. The value continued to rise, reaching Rs 650 per sq.ft in 2007, a significant increase of +125%. However, from 2007 to 2012, the value decreased to Rs 2,500 per sq.ft, marking a decline of -33%. The 2017 revision saw the value rise again to Rs 1,675 per sq.ft, an increase of +49% from the previous revision. In 2023, the value was set at Rs 2,500 per sq.ft, and finally, in 2024, it has reached Rs 2,800 per sq.ft, a change of +12%.

It is important to note that there are no figures available for this street in the revisions for years other than those mentioned. Overall, from 2002 to 2024, the guideline value has increased by +1007%.

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 for these streets is Rs 3,900 per sq.ft, placing Indira Nagar 1st Cross Street's 2024 figure below that median.

• Indira Nagar 1st Main Road: Rs 2,800 per sq.ft (2024)
• Indira Nagar 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Indira Nagar 2nd Main Road: Rs 2,800 per sq.ft (2024)
• Indira Nagar 3rd Cross Street: Rs 2,800 per sq.ft (2024)
• Indira Nagar 3rd Main road: Rs 2,800 per sq.ft (2024)
• Indira Nagar 4th Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty, charged at 7%, would amount to Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Together, the total cost for stamp duty and registration fee would be Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Indira Nagar 1st Cross Street?

The Sub Registrar Office that covers Indira Nagar 1st Cross 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 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 properties must be registered. This ensures that the property is assessed fairly for taxation purposes.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, ensuring compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Indira Nagar 1st Cross Street?

The current guideline value of Indira Nagar 1st Cross Street is Rs 2,800 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 253 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of +1007% over the years.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 2,52,000.

Which Sub Registrar Office covers this area?

The Alandur Sub Registrar Office covers Indira Nagar 1st Cross Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the significance of the guideline value?

The guideline value is significant as it determines the minimum value for property registration, ensuring that properties are assessed fairly for taxation purposes and that the correct stamp duty and registration fees are calculated during transactions.