Guideline Value for South Sector 1st Street

South Sector 1st Street guideline value

The current guideline value for South Sector 1st Street in Adambakkam village is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Alandur SRO and is classified as Residential Class II Type - II.

How the guideline value of South Sector 1st Street has changed

Since the register's inception, the guideline value for South Sector 1st Street has seen several revisions. The earliest recorded value was Rs 274 per sq.ft in 2002, which increased to Rs 313 per sq.ft in 2003, marking a 14% rise. Following this, the value rose significantly to Rs 650 per sq.ft in 2007, reflecting a 108% increase. The 2012 revision saw a value of Rs 2,500 per sq.ft, which was a 285% increase from the previous figure. However, this value dropped to Rs 1,675 per sq.ft in 2017, representing a decline of 33%.

The most recent revisions show a steady increase. In 2023, the guideline value was Rs 2,500 per sq.ft, and it has now risen to Rs 2,800 per sq.ft in 2024, indicating a 12% increase. Overall, from 2002 to 2024, the guideline value has increased by 922%.

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 for these streets is Rs 3,900 per sq.ft, which means South Sector 1st Street's 2024 figure is below this median.

• South Sector 2th Street: Rs 2,800 per sq.ft (2024)
• South Sector 3th Street: Rs 2,800 per sq.ft (2024)
• South Sector 4th Street: Rs 2,800 per sq.ft (2024)
• South Pennai Street: Rs 2,800 per sq.ft (2024)
• South 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 Sector 1st 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. Therefore, the total cost for stamp 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 or the sale price.

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

Which Sub Registrar Office covers South Sector 1st Street?

The South Sector 1st Street is covered by 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 additional details.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of South Sector 1st Street?

The current guideline value of South Sector 1st 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 changed significantly from Rs 274 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, representing an overall increase of 922%.

What is the land classification for South Sector 1st Street?

South Sector 1st Street is classified as Residential Class II Type - II.

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

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 Sub Registrar Office for South Sector 1st Street located?

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