Guideline Value for Labbai Lane

Labbai Lane guideline value

The current guideline value of Labbai Lane is Rs 2,800 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 II Type - II.

How the guideline value of Labbai Lane has changed

The guideline value for Labbai Lane has undergone several revisions over the years. In 2002, the value was Rs 257 per sq.ft, which increased to Rs 293 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 650 per sq.ft in 2007, and then it jumped to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,800 per sq.ft in 2024.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. The 2023 to 2024 revision reflects a 12% increase. Notably, the largest increase occurred between 2007 and 2012, where the value surged by 285%. Overall, from 2002 to 2024, the guideline value has increased by 989%. There are no figures available for other revisions for this street.

Guideline values in Adambakkam

Adambakkam village has a total of 569 streets under the Alandur SRO, with the 2024 guideline values ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,900 per sq.ft, placing Labbai Lane's 2024 figure below that median.

• Labbai Street: Rs 2,800 per sq.ft (2024)
• Labour Lane 1st Lane: Rs 2,800 per sq.ft (2024)
• Labour Lane 2nd Lane: Rs 2,800 per sq.ft (2024)
• Labour Well 2nd Street: Rs 2,800 per sq.ft (2024)
• Labour Well 3rd Street: Rs 2,800 per sq.ft (2024)
• Labour Well First Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Labbai Lane

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 at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that 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 details.

Which Sub Registrar Office covers Labbai Lane?

The Sub Registrar Office that covers Labbai Lane 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 when registering property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. Buyers and sellers should be aware of the current guideline values to make informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Labbai Lane?

The current guideline value of Labbai Lane is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Labbai Lane has changed from Rs 257 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 989% over the years.

What is the land classification of Labbai Lane?

Labbai Lane is classified as Residential Class II Type - II under the Alandur SRO.

Where can I find the Sub Registrar Office for Labbai Lane?

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

How is stamp duty calculated for properties in Labbai Lane?

Stamp duty for properties in Labbai Lane is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000.