Guideline Value for South Main Road 2nd Street

South Main Road 2nd Street guideline value

The current guideline value of South Main Road 2nd Street is Rs 3,900 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 I Type - III.

How the guideline value of South Main Road 2nd Street has changed

The guideline value for South Main Road 2nd Street has seen several revisions over the years. In 2002, the value was Rs 259 per sq.ft, which increased to Rs 296 per sq.ft in 2003. The following revisions recorded significant jumps, with the value rising to Rs 900 per sq.ft in 2007, then to Rs 3,500 per sq.ft in 2012. However, it decreased to Rs 2,345 per sq.ft in 2017 before climbing to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 3,900 per sq.ft.

Between these revisions, notable changes include a 204% increase from 2003 to 2007, a 289% increase from 2007 to 2012, and a 49% increase from 2017 to 2023. The change from 2023 to 2024 was an increase of 11%. Overall, from 2002 to 2024, the guideline value has increased by 1,406%.

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 is Rs 3,900 per sq.ft, which is the same as the guideline value for South Main Road 2nd Street.

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to 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 or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers South Main Road 2nd Street?

The Sub Registrar Office that covers South Main Road 2nd 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 is a crucial factor during property registration in Adambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with local regulations and to understand the financial implications of their transactions.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the established value of the property being transferred.

Frequently asked questions

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

The current guideline value of South Main Road 2nd Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 259 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 1,406%.

What is the land classification for South Main Road 2nd Street?

South Main Road 2nd Street is classified as Residential Class I Type - III.

Where can I find the Sub Registrar Office for South Main Road 2nd Street?

The Sub Registrar Office for South Main Road 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 3,51,000.