Guideline Value for Ashok Nagar

Ashok Nagar guideline value

The current guideline value of Ashok Nagar, located in Somangalam village under the Sriperumpudur SRO, is Rs 250 per sq.ft. This value is effective from the 2024 revision, which will be implemented on 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ashok Nagar has changed

Over the years, the guideline value of Ashok Nagar has seen several revisions. The 2012 revision set the value at Rs 250 per sq.ft, which remained unchanged until the 2023 revision. In 2017, the value was decreased to Rs 167 per sq.ft, marking a 33% drop from the previous figure. However, from 2017 to 2023, the value increased by 50%, bringing it back to Rs 250 per sq.ft. The 2024 revision maintains this value, resulting in no change from the 2023 figure.

It is important to note that the register has no figures for Ashok Nagar for the years 2002, 2003, and 2007. The overall change from the 2012 revision to the 2024 revision shows no variation, as the value remains at Rs 250 per sq.ft.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. The guideline value for Ashok Nagar is below this median.

• Ayarpadi: Rs 200 per sq.ft (2024)
• Bajanai koil street: Rs 400 per sq.ft (2024)
• Anna Nagar: Rs 250 per sq.ft (2024)
• Balaji Nagar: Rs 400 per sq.ft (2024)
• Annai Nagar Annex: Rs 150 per sq.ft (2024)
• Annai Nagar: Rs 150 per sq.ft (2024)

Stamp duty and registration fee for property in Ashok Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value would be Rs 2,50,000. The stamp duty at 7% would amount to Rs 17,500, and the registration fee at 2% would be Rs 5,000, bringing the total fees to Rs 22,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ashok Nagar?

The Sub Registrar Office that covers Ashok Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more details.

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

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

When a property is sold, the buyer is required to pay stamp duty and registration fees based on the guideline value. This ensures that the government receives the appropriate revenue from property transactions, reflecting the official value set for the area.

Frequently asked questions

What is the current guideline value of Ashok Nagar?

The current guideline value of Ashok Nagar is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 250 per sq.ft since 2012, with a decrease to Rs 167 per sq.ft in 2017, followed by an increase back to Rs 250 per sq.ft by 2023. The 2024 revision maintains this value.

What are the other streets in Somangalam and their guideline values?

Other streets in Somangalam have varying guideline values, with rates ranging from Rs 150 to Rs 800 per sq.ft. For example, Ayarpadi is Rs 200 per sq.ft, while Bajanai koil street is Rs 400 per sq.ft.

What fees are associated with buying property in Ashok Nagar?

When buying property in Ashok Nagar, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Ashok Nagar?

The Sub Registrar Office for Ashok Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find more information online.