Guideline Value for Indira Nagar 2nd Lane

Indira Nagar 2nd Lane guideline value

The current guideline value of Indira Nagar 2nd Lane is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Kazhikundram village under the Adayar Sub Registrar Office (SRO) and falls under the Residential Class II Type - I land classification.

How the guideline value of Indira Nagar 2nd Lane has changed

The guideline value for Indira Nagar 2nd Lane has seen several revisions over the years. In 2007, the value was Rs 2,200 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012, marking a rise of 173%. However, this value dropped to Rs 4,020 per sq.ft in 2017, reflecting a decrease of 33%. The value then rose again to Rs 6,000 per sq.ft in 2023, and most recently, it has been set at Rs 6,600 per sq.ft in the 2024 revision, which is a 10% increase.

For the years 2002 and 2003, the register has no figure for this street. Overall, from 2007 to 2024, the guideline value has increased by 200%, illustrating significant changes over the years.

Guideline values in Kazhikundram

Kazhikundram village features a range of guideline values across its 68 streets under the Adayar SRO, with values ranging from Rs 2,800 to Rs 12,700 per sq.ft. The median guideline value is Rs 6,600 per sq.ft, which is the same as the current value for Indira Nagar 2nd Lane.

• Indira Nagar 2nd Main road: Rs 9,900 per sq.ft (2024)
• Indira Nagar 2nd Cross Street: Rs 6,600 per sq.ft (2024)
• Indira Nagar 2nd Avenue Extension: Rs 7,700 per sq.ft (2024)
• Indira Nagar 2nd Avenue: Rs 7,700 per sq.ft (2024)
• Indira Nagar 1st Main Road: Rs 9,900 per sq.ft (2024)
• Indira Nagar 1st Lane: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Nagar 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indira Nagar 2nd Lane?

The Indira Nagar 2nd Lane is covered by the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kazhikundram. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction.

During the registration process, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Indira Nagar 2nd Lane?

The current guideline value of Indira Nagar 2nd Lane is Rs 6,600 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 2,200 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 200% over these years.

What are the stamp duty and registration fees for a property in Indira Nagar 2nd Lane?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office covers this area?

The Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, covers Indira Nagar 2nd Lane.

What is the land classification for Indira Nagar 2nd Lane?

Indira Nagar 2nd Lane falls under the Residential Class II Type - I land classification, indicating its suitability for residential purposes.