Guideline Value for STEPHENSON ROAD

Stephenson Road guideline value

The current guideline value of Stephenson Road in Perambur village, under the Purasaivakkam SRO, is Rs 4,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Stephenson Road has changed

The guideline value for Stephenson Road has seen several revisions over the years. In the 2002 revision, the value was Rs 501 per sq.ft. This increased to Rs 550 per sq.ft in 2003, reflecting a 10% rise. The value further increased to Rs 800 per sq.ft in 2007, marking a significant 45% increase. The 2012 revision saw a notable jump to Rs 4,000 per sq.ft, which was a 400% increase from the previous revision. However, the 2017 revision brought the value down to Rs 2,680 per sq.ft, a decrease of 33%. The value then rose to Rs 4,000 per sq.ft in 2023, before reaching the current rate of Rs 4,300 per sq.ft in 2024, which is an 8% increase.

Overall, from 2002 to 2024, the guideline value has increased by 758%. There are no figures available for the years that do not have a registered value for this street.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, positioning Stephenson Road's 2024 figure above this median.

• Stephenson Lane: Rs 4,300 per sq.ft (2024)
• Stephenson 1st Street: Rs 4,300 per sq.ft (2024)
• Subash Chandra Bose Road: Rs 3,800 per sq.ft (2024)
• Subbaraya Mudali Street: Rs 4,300 per sq.ft (2024)
• Subramaniam Koil Street: Rs 4,300 per sq.ft (2024)
• Subramaniam Lane: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Stephenson Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,300 per sq.ft, the total guideline value would be Rs 43,00,000. The stamp duty at 7% would amount to Rs 3,01,000, while the registration fee at 2% would be Rs 86,000. Together, the total cost for stamp duty and registration fee would be Rs 3,87,000. 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 Stephenson Road?

The Sub Registrar Office that covers Stephenson Road is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Perambur. It is used to determine the minimum value at which properties must be registered, ensuring that the state receives appropriate revenue from stamp duties and registration fees. Buyers and sellers must be aware of the guideline value to avoid any discrepancies during the registration process.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Understanding this process is essential for anyone looking to buy or sell property in the area.

Frequently asked questions

What is the current guideline value of Stephenson Road?

The current guideline value of Stephenson Road is Rs 4,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 501 per sq.ft in 2002 to Rs 4,300 per sq.ft in 2024, marking an overall increase of 758%.

What is the land classification for Stephenson Road?

Stephenson Road is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Stephenson Road?

The Purasaivakkam Sub Registrar Office, which covers Stephenson Road, is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Perambur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. It is typically 7% of the guideline value, along with a registration fee of 2%.