Guideline Value for School Lane (Near Karuneegar street)

School Lane (Near Karuneegar street) guideline value

The current guideline value of School Lane (Near Karuneegar street) is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of School Lane (Near Karuneegar street) has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure remained until the 2017 revision, which saw a decrease to Rs 2,345 per sq.ft. The value then increased significantly to Rs 3,500 per sq.ft in the 2023 revision, and further rose to Rs 3,900 per sq.ft in the 2024 revision, marking an 11% increase from the previous year. The overall change from 2012 to 2024 shows an increase of 11%.

From 2017 to 2023, the guideline value increased by 49%. The 2024 revision reflects the median value of Rs 3,900 per sq.ft among the 569 streets in Adambakkam under the Alandur SRO, indicating a stable position in the local market. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Adambakkam

In Adambakkam, the guideline values range from Rs 2,800 to Rs 11,000 per sq.ft, with a median value of Rs 3,900 per sq.ft. School Lane (Near Karuneegar street) aligns with this median value. The following are other streets in Adambakkam with their respective guideline values:

• Saraswathi Street: Rs 3,900 per sq.ft (2024)
• Senthil Andavar Nagar: Rs 3,900 per sq.ft (2024)
• Senthil Andavar Street: Rs 3,900 per sq.ft (2024)
• Saraswathi Nagar: Rs 3,900 per sq.ft (2024)
• Santhi Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Santhi Nagar Main 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in School Lane (Near Karuneegar street)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total costs together to Rs 3,51,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers School Lane (Near Karuneegar street)?

The Sub Registrar Office that covers School Lane (Near Karuneegar 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 property transactions in Adambakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the agreed sale price.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. It is essential for buyers and sellers to understand this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of School Lane (Near Karuneegar street)?

The current guideline value of School Lane (Near Karuneegar street) is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, with the most recent being an increase from Rs 3,500 per sq.ft in 2023 to Rs 3,900 per sq.ft in 2024. The value also saw significant changes from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023.

What is the land classification of School Lane (Near Karuneegar street)?

School Lane (Near Karuneegar street) is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for School Lane (Near Karuneegar street)?

The Sub Registrar Office for School Lane (Near Karuneegar street) is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in School Lane (Near Karuneegar street)?

The stamp duty for properties in School Lane is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the guideline value.