Guideline Value for South Street

South Street guideline value

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

How the guideline value of South Street has changed

The guideline value for South Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 249 per sq.ft. This value increased to Rs 284 per sq.ft in 2003, marking a 14% rise. The subsequent revision in 2007 saw a significant jump to Rs 650 per sq.ft, an increase of 129%. In 2012, the value remained at Rs 2,500 per sq.ft, which was a decrease of 285% compared to the previous revision. The 2017 revision showed an increase to Rs 1,675 per sq.ft, reflecting a 49% rise. The most recent revision in 2023 set the guideline value at Rs 2,500 per sq.ft, followed by the current figure of Rs 2,800 per sq.ft in 2024, which is a 12% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,024%. There are no recorded figures for South Street in the years not mentioned in the revisions.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value for South Street is below this median.

• South Sector 4th Street: Rs 2,800 per sq.ft (2024)
• South Sector 3th Street: Rs 2,800 per sq.ft (2024)
• South Sector 2th Street: Rs 2,800 per sq.ft (2024)
• South Sector 1st Street: Rs 2,800 per sq.ft (2024)
• South Pennai 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, resulting in a total of Rs 2,52,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers South Street?

The Sub Registrar Office that covers South 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 plays a crucial role in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the amount of stamp duty and registration fees that need to be paid. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of South Street?

The current guideline value of South 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 from Rs 249 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1,024% across the years.

What are the other streets in Adambakkam with the same guideline value?

Other streets in Adambakkam with the same guideline value of Rs 2,800 per sq.ft include South Sector 4th Street, South Sector 3th Street, South Sector 2th Street, South Sector 1st Street, South Pennai Street, and South New Street (Vanuvampet).

What is the stamp duty rate for properties in South Street?

The stamp duty rate for properties in South Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for South Street?

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