Guideline Value for Sterling Road

Sterling Road guideline value

The current guideline value of Sterling Road in Nungambakkam village is Rs 15,400 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Commercial Special Type - IV.

How the guideline value of Sterling Road has changed

The guideline value for Sterling Road has seen several revisions over the years. In 2002, the value was Rs 3,417 per sq.ft, which increased to Rs 4,700 per sq.ft in 2007, marking a significant rise of 38%. By 2012, the value had jumped to Rs 14,000 per sq.ft, reflecting a remarkable increase of 198%. However, from 2012 to 2017, there was a decrease to Rs 9,380 per sq.ft, a drop of 33%. The value then rose again to Rs 14,000 per sq.ft in 2023, and most recently, it reached Rs 15,400 per sq.ft in 2024, an increase of 10%.

Overall, from 2002 to 2024, the guideline value has increased by 351%. It is important to note that the register has no figure for this street in 2003.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Sterling Road's 2024 figure above that median.

• 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)
• Sterling Avenue: 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 Road

For a 1,000 sq.ft plot at the current guideline value of Rs 15,400 per sq.ft, the total guideline value amounts to Rs 1,54,00,000. The stamp duty at 7% would be Rs 10,78,000, and the registration fee at 2% would be Rs 3,08,000, bringing the total to Rs 13,86,000. It's important to note that the 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 Sterling Road?

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

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

The guideline value is a critical factor in property transactions in Nungambakkam, as it determines the minimum value at which a property can be registered. Buyers must consider this value when negotiating the sale price, as the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

When selling a property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This process helps maintain transparency in real estate transactions within the region.

Frequently asked questions

What is the current guideline value of Sterling Road?

The current guideline value of Sterling Road is Rs 15,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,417 per sq.ft in 2002 to Rs 15,400 per sq.ft in 2024, reflecting an overall increase of 351% over this period.

What are the stamp duty and registration fees for properties on Sterling Road?

The stamp duty for properties on Sterling Road is 7%, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 13,86,000.

Which office handles registrations for Sterling Road?

The Chennai Central Joint II SRO handles registrations for Sterling Road, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification of Sterling Road?

Sterling Road is classified as Commercial Special Type - IV, indicating its suitability for commercial activities within the area.