Guideline Value for Labour Well 3rd Street

Labour Well 3rd Street guideline value

The current guideline value of Labour Well 3rd Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village and falls under the Alandur SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Labour Well 3rd Street has changed

The guideline value for Labour Well 3rd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 199 per sq.ft. This value increased to Rs 288 per sq.ft in 2003, marking a 45% rise. The next significant revision occurred in 2007, where the value jumped to Rs 650 per sq.ft, reflecting a 126% increase. In 2012, the value changed to Rs 2,500 per sq.ft, which was a substantial increase of 285% from the previous revision.

Following this, the value in 2017 was recorded at Rs 1,675 per sq.ft, indicating a decrease of 33%. The guideline value then rose to Rs 2,500 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 2,800 per sq.ft, representing a 12% increase from the previous year. The register has no figure for the years not mentioned in this summary.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO, with 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, positioning Labour Well 3rd Street below this median.

• Labour Well 2nd Street: Rs 2,800 per sq.ft (2024)
• Labour Well First Street: Rs 2,800 per sq.ft (2024)
• Labour lane 2nd lane: Rs 2,800 per sq.ft (2024)
• Labour Well Street Main: Rs 3,900 per sq.ft (2024)
• Labour Lane 1st Lane: Rs 2,800 per sq.ft (2024)
• Labbai Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Labour Well 3rd Street

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 is charged at 7%, leading to Rs 1,96,000, while the registration fee at 2% amounts to Rs 56,000. Therefore, the total cost for stamp duty and registration fee together is Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Labour Well 3rd Street?

The Sub Registrar Office that covers Labour Well 3rd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property. This value is set by the government and is periodically revised to reflect changes in the real estate market.

When a property is sold, 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, and it helps maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Labour Well 3rd Street?

The current guideline value of Labour Well 3rd 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 multiple times, starting from Rs 199 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024. Notable changes include a rise of 285% from 2007 to 2012 and a 12% increase from 2023 to 2024.

What is the median guideline value in Adambakkam?

The median guideline value in Adambakkam is Rs 3,900 per sq.ft. Labour Well 3rd Street's current guideline value is below this median.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Tamil Nadu is typically charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where can I find the Sub Registrar Office for Labour Well 3rd Street?

The Sub Registrar Office for Labour Well 3rd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.