Guideline Value for StepStone

StepStone guideline value

The current guideline value of StepStone in Padappai village, under the Padappai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This classification falls under Commercial Class I Type - I.

How the guideline value of StepStone has changed

In the 2017 revision, the guideline value was Rs 2,010 per sq.ft. This increased to Rs 3,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 saw the guideline value increase to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Padappai

Padappai village has a total of 146 streets under the Padappai SRO, with guideline values for 2024 ranging from Rs 440 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 830 per sq.ft, placing StepStone's value above this median.

• St Nagar: Rs 1,330 per sq.ft (2024)
• S S R Avenue: Rs 830 per sq.ft (2024)
• Sri Venkateshwara Nagar: Rs 1,320 per sq.ft (2024)
• Sri Velan Nagar: Rs 830 per sq.ft (2024)
• Sri Thanthoniyamman Nagar: Rs 830 per sq.ft (2024)
• Sri Solai Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in StepStone

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers StepStone?

The Sub Registrar Office that covers StepStone is located at Padappai Sub Registrar Office, 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Padappai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that both buyers and sellers are aware of the official value assigned to the property.

When purchasing or selling property, the guideline value helps in assessing the financial obligations involved in the transaction. This value is used to calculate the stamp duty, which is a mandatory fee that must be paid during the registration process.

Frequently asked questions

What is the current guideline value of StepStone?

The current guideline value of StepStone is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From the 2017 revision to the 2023 revision, the value increased from Rs 2,010 to Rs 3,000, a rise of 49%. The most recent revision in 2024 raised the value to Rs 3,300, marking a 10% increase from 2023.

What is the land classification for StepStone?

StepStone is classified under Commercial Class I Type - I. This classification can influence the types of developments allowed in the area.

Where can I find the Sub Registrar Office for StepStone?

The Sub Registrar Office for StepStone is located at Padappai Sub Registrar Office, 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in StepStone?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.