Guideline Value for Teacher Colony 2nd Street

Teacher Colony 2nd Street guideline value

The current guideline value of Teacher Colony 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 Teacher Colony 2nd Street has changed

The guideline value for Teacher Colony 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 399 per sq.ft, which increased to Rs 455 per sq.ft in 2003. The following revision in 2007 saw a significant jump to Rs 900 per sq.ft, and by 2012, it had risen to Rs 3,500 per sq.ft. However, in 2017, the value decreased to Rs 2,345 per sq.ft. The 2023 revision brought it back up to Rs 3,500 per sq.ft, and the most recent revision in 2024 has set it at Rs 3,900 per sq.ft.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 was 11%. The most notable change occurred between 2007 and 2012, where the value decreased by 33%. Overall, from 2002 to 2024, the guideline value has increased by 877%.

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, with a median value of Rs 3,900 per sq.ft. Teacher Colony 2nd Street's 2024 figure aligns with this median.

• Teacher Colony 3rd Street: Rs 3,900 per sq.ft (2024)
• Teacher Colony 1st Street: Rs 3,900 per sq.ft (2024)
• Teacher Colony 4th Street: Rs 3,900 per sq.ft (2024)
• Teacher Colony 5th Street: Rs 3,900 per sq.ft (2024)
• Teacher Colony 6th Street: Rs 3,900 per sq.ft (2024)
• Thagoor Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Teacher Colony 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 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Teacher Colony 2nd Street?

The Sub Registrar Office that covers Teacher Colony 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 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 applicable on the transaction. Buyers and sellers must ensure that the guideline value is considered during the registration process to comply with legal requirements.

When a property is sold, 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 appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Teacher Colony 2nd Street?

The current guideline value of Teacher Colony 2nd 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 changed significantly from Rs 399 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 877% over this period.

What is the stamp duty for property in Teacher Colony 2nd Street?

The stamp duty for a property in Teacher Colony 2nd Street is 7% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 39,00,000 would incur a stamp duty of Rs 2,73,000.

Where can I find the Sub Registrar Office for Teacher Colony 2nd Street?

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

What is the land classification for Teacher Colony 2nd Street?

Teacher Colony 2nd Street is classified as Residential Class I Type - III, indicating its designation for residential use within the area.