Guideline Value for AMSAVALLI STREET (SOMU NAGAR)

Amsavalli Street (Somu Nagar) guideline value

The current guideline value of Amsavalli Street (Somu Nagar) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Amsavalli Street (Somu Nagar) has changed

Over the years, the guideline value of Amsavalli Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft. This figure remained unchanged until the 2017 revision, which reduced it to Rs 1,340 per sq.ft, marking a decrease of 33%. However, the value rebounded significantly in the 2023 revision to Rs 2,000 per sq.ft, and then increased again to Rs 2,200 per sq.ft in the 2024 revision, reflecting a 10% rise.

From 2017 to 2023, the guideline value experienced a substantial increase of 49%. Overall, from the 2012 revision to the current 2024 figure, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is the same as the current guideline value for Amsavalli Street.

• Alpha: Rs 2,220 per sq.ft (2024)
• Alli Kuppam Road: Rs 2,200 per sq.ft (2024)
• Annai Indira Nagar: Rs 2,750 per sq.ft (2024)
• Annaitherasa Street: Rs 2,200 per sq.ft (2024)
• Annapoorani Nagar / Street: Rs 2,750 per sq.ft (2024)
• Annasalai Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Amsavalli Street (Somu Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Amsavalli Street (Somu Nagar)?

Amsavalli Street (Somu Nagar) is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Medavakkam. It serves as a benchmark for determining the minimum value of a property for the purpose of calculating stamp duty and registration fees. Buyers and sellers must ensure that the sale price is at least equal to the guideline value to avoid any legal complications.

When a property is sold, the registration office uses the guideline value to assess the applicable duties and fees. This ensures that the government receives the correct amount of revenue from property transactions, based on the established guideline values for different areas.

Frequently asked questions

What is the current guideline value of Amsavalli Street (Somu Nagar)?

The current guideline value of Amsavalli Street (Somu Nagar) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase being from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. The value saw a significant decrease from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017.

What is the land classification for Amsavalli Street (Somu Nagar)?

Amsavalli Street (Somu Nagar) is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Which office handles registrations for Amsavalli Street (Somu Nagar)?

The Chennai South Joint I Sub Registrar Office handles registrations for Amsavalli Street (Somu Nagar). The office is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.