Guideline Value for Sterling Avenue

Sterling Avenue guideline value

The current guideline value of Sterling Avenue in Nungambakkam village is Rs 9,900 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Commercial Class I Type - II.

How the guideline value of Sterling Avenue has changed

Over the years, the guideline value of Sterling Avenue has seen several revisions. The 2007 revision recorded a value of Rs 4,200 per sq.ft, which increased significantly to Rs 9,000 per sq.ft in the 2012 revision. However, this was followed by a decrease to Rs 6,030 per sq.ft in 2017. From 2017 to 2023, the value surged to Rs 9,000 per sq.ft, and the most recent revision in 2024 has set the guideline value at Rs 9,900 per sq.ft.

The changes between these revisions are notable. From 2007 to 2012, there was an increase of 114%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% rise from 2023 to 2024.

Guideline values in Nungambakkam

Nungambakkam village has a range of guideline values across its 270 streets under the Chennai Central Joint II SRO, with figures ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for the area is Rs 8,800 per sq.ft, placing Sterling Avenue's 2024 value above this median.

• Sterling Road: Rs 15,400 per sq.ft (2024)
• Sterling Road 1st Cross Street: Rs 9,900 per sq.ft (2024)
• Sterling Road 2nd Cross Street: Rs 9,900 per sq.ft (2024)
• Sterling Road 3rd Cross Street: Rs 9,900 per sq.ft (2024)
• Sterling Road 4rd Cross Street: Rs 9,900 per sq.ft (2024)
• Subbarao Avenue 1st Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sterling Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating duties, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sterling Avenue?

The Sub Registrar Office that covers Sterling Avenue is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees that need to be paid during the registration of property transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance 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 appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Sterling Avenue?

The current guideline value of Sterling Avenue is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the 2007 figure at Rs 4,200 per sq.ft increasing to Rs 9,900 per sq.ft in 2024. There were fluctuations, including a decrease from 2012 to 2017.

What is the land classification for Sterling Avenue?

Sterling Avenue is classified as Commercial Class I Type - II, indicating its commercial usage and potential in the area.

Where can I find the Sub Registrar Office for Sterling Avenue?

The Sub Registrar Office for Sterling Avenue is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in Sterling Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 99,00,000 would incur a stamp duty of Rs 6,93,000 at 7%.