Guideline Value for Subbarayan Avenue

Subbarayan Avenue guideline value

The current guideline value of Subbarayan Avenue 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 Subbarayan Avenue has changed

The guideline value for Subbarayan Avenue has undergone several revisions over the years. In 2007, the value was Rs 4,200 per sq.ft, which increased significantly to Rs 10,500 per sq.ft in 2012, marking a 150% rise. However, it then saw a decrease to Rs 7,035 per sq.ft in 2017, reflecting a 33% drop. The value rose again to Rs 10,500 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 11,500 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 174%. The register has no 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 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, and Subbarayan Avenue's current value is above this median.

• Subbarao Avenue 3rd Street: Rs 11,500 per sq.ft (2024)
• Subbarao Avenue 2nd Street: Rs 11,500 per sq.ft (2024)
• Subbarao Avenue 1st Street: 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 Subbarayan Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to 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 and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Subbarayan Avenue?

The Sub Registrar Office that covers Subbarayan 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 information.

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

The guideline value is a crucial factor during the registration of property transactions in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in assessing the minimum value at which the property can be registered. This ensures that both buyers and sellers are aware of the official valuation of the property, which is essential for legal and financial purposes.

Frequently asked questions

What is the current guideline value of Subbarayan Avenue?

The current guideline value of Subbarayan Avenue 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 seen various changes, increasing from Rs 4,200 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, which is an overall increase of 174%.

What is the land classification for Subbarayan Avenue?

The land classification for Subbarayan Avenue is Commercial Special Type - V.

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

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

How is the stamp duty calculated for property in Subbarayan Avenue?

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