Guideline Value for Stephen Street

Stephen Street guideline value

The current guideline value of Stephen Street in Kodambakkam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Ashok Nagar SRO and is classified as Residential Class IV Type - II.

How the guideline value of Stephen Street has changed

The guideline value for Stephen Street has undergone several revisions over the years. In 2007, the value was Rs 620 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 2,010 per sq.ft in 2017. The value then rose to Rs 3,000 per sq.ft in 2023 before reaching the current rate of Rs 3,300 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%. The jump from 2023 to 2024 reflects a 10% rise. Overall, the guideline value has increased by 432% from 2007 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 4,900 per sq.ft, placing Stephen Street's 2024 figure below this median.

• Stunt. Somu Street: Rs 3,300 per sq.ft (2024)
• Subash Chandira Bose Street: Rs 3,300 per sq.ft (2024)
• Subbramaniya Salai(West Saidapet): Rs 4,900 per sq.ft (2024)
• Subramania Mudali Street (JPT): Rs 4,100 per sq.ft (2024)
• Subramania Samy Koil Street(Othavadai Street): Rs 4,100 per sq.ft (2024)
• Subramaniya Iyyer Street(Vivekanandapuran 2nd, 3rd Street): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Stephen Street

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, while the registration fee at 2% would be Rs 66,000, resulting in a total of Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more specific calculations.

Which Sub Registrar Office covers Stephen Street?

Stephen Street is covered by the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any issues during registration. This ensures that the transaction is compliant with local regulations.

Frequently asked questions

What is the current guideline value of Stephen Street?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 620 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 432% over this period.

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

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

Which Sub Registrar Office covers Stephen Street?

The Ashok Nagar Sub Registrar Office covers Stephen Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the median guideline value for streets in Kodambakkam?

The median guideline value for streets in Kodambakkam is Rs 4,900 per sq.ft, with Stephen Street's current value being below this median.