Guideline Value for Subbarao Avenue 2nd Street

Subbarao Avenue 2nd Street guideline value

The current guideline value of Subbarao Avenue 2nd Street is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Commercial Special Type - V.

How the guideline value of Subbarao Avenue 2nd Street has changed

The guideline value for Subbarao Avenue 2nd Street has undergone several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 4,200 per sq.ft. This figure increased significantly to Rs 10,500 per sq.ft in the 2012 revision, marking a 150% increase. However, it then saw a decrease to Rs 7,035 per sq.ft in the 2017 revision, which was a 33% drop. The value rose again to Rs 10,500 per sq.ft in 2023, and finally reached Rs 11,500 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 174%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, placing Subbarao Avenue 2nd Street's current guideline value above this median.

• Subbarao Avenue 1st Street: Rs 11,500 per sq.ft (2024)
• Subbarao Avenue 3rd Street: Rs 11,500 per sq.ft (2024)
• Subbarayan Avenue: Rs 11,500 per sq.ft (2024)
• Subbarayan Street: Rs 8,800 per sq.ft (2024)
• Sterling Road 4rd Cross Street: Rs 9,900 per sq.ft (2024)
• Sterling Road 3rd Cross Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Subbarao Avenue 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value amounts to Rs 1,15,00,000. The stamp duty at 7% would be Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total fees together to Rs 10,35,000. It is 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 Subbarao Avenue 2nd Street?

The Sub Registrar Office that covers Subbarao Avenue 2nd Street 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 information.

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 serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction and helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Subbarao Avenue 2nd Street?

The current guideline value of Subbarao Avenue 2nd Street is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,200 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, reflecting an overall increase of 174% over this period.

What are the other streets in Nungambakkam with similar guideline values?

Other streets in Nungambakkam with a guideline value of Rs 11,500 per sq.ft include Subbarao Avenue 1st Street, Subbarao Avenue 3rd Street, and Subbarayan Avenue.

What are the registration fees for property transactions?

For a property valued at the guideline rate, the stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Subbarao Avenue 2nd Street?

The Sub Registrar Office for Subbarao Avenue 2nd Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.