Guideline Value for Labour Lane 1st Lane

Labour Lane 1st Lane guideline value

The current guideline value of Labour Lane 1st Lane is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class II Type - II.

How the guideline value of Labour Lane 1st Lane has changed

The guideline value for Labour Lane 1st Lane has seen several revisions over the years. In 2002, the value was Rs 188 per sq.ft, which increased to Rs 215 per sq.ft in 2003, marking a 14% rise. Following this, the value jumped significantly to Rs 650 per sq.ft in 2007, reflecting a 202% increase. In 2012, the guideline value was Rs 2,500 per sq.ft, which was a substantial increase of 285% from the previous revision. However, it decreased to Rs 1,675 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 2,500 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 has set the value at Rs 2,800 per sq.ft, representing a 12% increase from the previous year.

Throughout these revisions, there are no figures recorded for the years that do not have a specified value for this street. The overall change from 2002 to 2024 shows a remarkable increase of 1,389% in the guideline value.

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 value for these streets is Rs 3,900 per sq.ft, placing Labour Lane 1st Lane's current value below this median.

• 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)
• Labour Well Street Main: Rs 3,900 per sq.ft (2024)
• Labbai Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Labour Lane 1st Lane

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

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Labour Lane 1st Lane?

The Sub Registrar Office that covers Labour Lane 1st 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 plays a crucial role in the registration process of property transactions in Adambakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers should be aware that the guideline value is often considered the minimum value for property transactions.

When registering a property, the guideline value ensures that the transaction is recorded at a value that reflects the prevailing market conditions as per the government’s assessment. This helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value for Labour Lane 1st Lane?

The current guideline value for Labour Lane 1st 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 has changed significantly from Rs 188 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1,389% over the years.

What is the registration fee for properties in Labour Lane 1st Lane?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 28,00,000, the registration fee would be Rs 56,000.

Where is the Sub Registrar Office for Labour Lane 1st Lane located?

The Sub Registrar Office for Labour Lane 1st Lane is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the median guideline value for streets in Adambakkam?

The median guideline value for streets in Adambakkam is Rs 3,900 per sq.ft, which is above the current value of Rs 2,800 per sq.ft for Labour Lane 1st Lane.