Guideline Value for South Main Road 1st Lane

South Main Road 1st Lane guideline value

The current guideline value of South Main Road 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, and is classified as Residential Class II Type - II.

How the guideline value of South Main Road 1st Lane has changed

The guideline value for South Main Road 1st Lane has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 188 per sq.ft. This increased to Rs 215 per sq.ft in 2003, marking a 14% rise. In 2007, the value jumped significantly to Rs 650 per sq.ft, reflecting a 202% increase. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the previous figure.

In 2017, the guideline value rose to Rs 1,675 per sq.ft, a 49% increase from 2012. The 2023 revision brought the value to Rs 2,500 per sq.ft, and finally, the current 2024 revision sets it at Rs 2,800 per sq.ft, which is a 12% increase from the previous year. There are no figures available for the years not mentioned in this register.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with 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 the guideline value of South Main Road 1st Lane below this median.

• South Main First Street: Rs 3,900 per sq.ft (2024)
• South Main Road 2nd Lane: Rs 2,800 per sq.ft (2024)
• South Main 3rd Street: Rs 2,800 per sq.ft (2024)
• South Main Road 2nd Street: Rs 3,900 per sq.ft (2024)
• South Main 2nd Street: Rs 2,800 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 Road 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 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, bringing the total fees to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers South Main Road 1st Lane?

The Sub Registrar Office that covers South Main Road 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 is a critical factor in the registration process for property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that all transactions are conducted transparently and in accordance with legal requirements.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of South Main Road 1st Lane?

The current guideline value of South Main Road 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 from Rs 188 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1389% over the years.

What are the other streets in Adambakkam and their guideline values?

Other streets in Adambakkam include South Main First Street at Rs 3,900 per sq.ft, South Main Road 2nd Lane at Rs 2,800 per sq.ft, and several others with varying values.

What fees are associated with buying property in South Main Road 1st Lane?

When buying property, the stamp duty is 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for South Main Road 1st Lane located?

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