Guideline Value for South Main First Street

South Main First Street guideline value

The current guideline value of South Main First Street in Adambakkam village is Rs 3,900 per sq.ft, effective from 1 July 2024. This street falls under the Alandur SRO and is classified as Residential Class I Type - III.

How the guideline value of South Main First Street has changed

The guideline value for South Main First Street has seen significant changes over the years. In 2002, the guideline value was Rs 281 per sq.ft, which increased to Rs 321 per sq.ft in 2003, marking a 14% rise. The value then rose to Rs 700 per sq.ft in 2007, reflecting a substantial increase of 118%. By 2012, the guideline value was Rs 3,500 per sq.ft, a 400% increase from 2007. However, this figure dropped to Rs 2,345 per sq.ft in 2017, indicating a decrease of 33%. The value then climbed to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,900 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1288%. There are no years in the register with missing figures for this street.

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, which matches the current value of South Main First Street.

• South Main 3rd Street: Rs 2,800 per sq.ft (2024)
• South Main Road 1st Lane: Rs 2,800 per sq.ft (2024)
• South Main 2nd Street: 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 First 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 fees to Rs 3,51,000. It is important to note that the 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 South Main First Street?

The Sub Registrar Office that covers South Main First 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 further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are based on the official valuation rather than the sale price alone.

When a property transaction occurs, the guideline value is assessed to calculate the applicable fees. Buyers and sellers should be aware that the fees will be charged on the higher of the guideline value or the sale price, which can significantly impact the overall transaction costs.

Frequently asked questions

What is the current guideline value of South Main First Street?

The current guideline value of South Main First 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 increased from Rs 281 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 1288% over the years.

What is the land classification of South Main First Street?

South Main First Street is classified as Residential Class I Type - III under the Alandur SRO.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office located for this street?

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