Guideline Value for South Main 2nd Street

South Main 2nd Street guideline value

The current guideline value of South Main 2nd Street 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 South Main 2nd Street has changed

Looking at the revisions over the years, the guideline value for South Main 2nd Street has seen significant changes. In 2002, the value was Rs 281 per sq.ft, which increased to Rs 321 per sq.ft in 2003. The value then rose to Rs 650 per sq.ft in 2007, followed by a sharp increase to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, before the latest revision to Rs 2,800 per sq.ft in 2024.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The 2023 to 2024 revision saw a 12% increase. The largest change occurred between 2007 and 2012, with an increase of 285%. Overall, from 2002 to 2024, the guideline value has increased by 896%.

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 is Rs 3,900 per sq.ft, placing South Main 2nd Street's 2024 figure below that median.

• South Main 3rd Street: Rs 2,800 per sq.ft (2024)
• South Main First Street: Rs 3,900 per sq.ft (2024)
• South Main Road 1st Lane: Rs 2,800 per sq.ft (2024)
• South Main Road 2nd Lane: Rs 2,800 per sq.ft (2024)
• South Main Road 2nd Street: Rs 3,900 per sq.ft (2024)
• South New Street (Vanuvampet): Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in South Main 2nd Street

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. Together, the total cost for duty and registration would be Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers South Main 2nd Street?

South Main 2nd Street falls under the jurisdiction of 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 details.

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

The guideline value plays a crucial role during property registration in Adambakkam. It serves as a basis for calculating the stamp duty and registration fees that must be paid when a property is bought or sold. The guideline value is determined by the government and reflects the minimum value at which a property can be registered.

When a buyer or seller engages in a transaction, the guideline value ensures that the property is registered at a price that aligns with the prevailing rates in the area. This helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of South Main 2nd Street?

The current guideline value of South Main 2nd 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 seen various changes, starting from Rs 281 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 896% over the years.

What is the land classification of South Main 2nd Street?

South Main 2nd Street is classified as Residential Class II Type - II.

What are the registration fees for property transactions?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Where is the Alandur Sub Registrar Office located?

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