Guideline Value for Subbarao Avenue 3rd Street

Subbarao Avenue 3rd Street guideline value

The current guideline value of Subbarao Avenue 3rd Street is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Special Type - V.

How the guideline value of Subbarao Avenue 3rd Street has changed

The guideline value for Subbarao Avenue 3rd Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the guideline value was Rs 4,200 per sq.ft. This increased significantly to Rs 10,500 per sq.ft in 2012, marking a 150% rise. However, by 2017, the value decreased to Rs 7,035 per sq.ft, reflecting a 33% drop. The value then saw a substantial increase to Rs 10,500 per sq.ft in 2023, before reaching the current value of Rs 11,500 per sq.ft in 2024, which is a 10% increase from the previous year.

In summary, from 2007 to 2024, the overall increase in the guideline value is 174%. The register does not have figures 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 that carry a guideline value 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 3rd Street's value above this median.

• Subbarao Avenue 2nd Street: Rs 11,500 per sq.ft (2024)
• Subbarao Avenue 1st 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 3rd 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 to Rs 10,35,000. 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 stamp duty and registration fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Subbarao Avenue 3rd Street?

The Sub Registrar Office that covers Subbarao Avenue 3rd 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 details.

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

The guideline value is a crucial factor in property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be sold or registered. When a buyer and seller agree on a sale price, the registration office uses the guideline value to calculate the stamp duty and registration fees payable.

It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the costs associated with property transactions. Ensuring that the sale price is in accordance with the guideline value can help facilitate a smoother registration process.

Frequently asked questions

What is the current guideline value of Subbarao Avenue 3rd Street?

The current guideline value of Subbarao Avenue 3rd 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 the years.

What is the land classification for Subbarao Avenue 3rd Street?

The land classification for Subbarao Avenue 3rd Street is Commercial Special Type - V.

Where is the Sub Registrar Office located for this street?

The Sub Registrar Office for Subbarao Avenue 3rd Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property with a guideline value of Rs 1,15,00,000, the stamp duty at 7% would be Rs 8,05,000.