Guideline Value for FOMRA

Fomra guideline value

The current guideline value of Fomra, located in Chettiyaragaram village under the Chennai South Joint I SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Special Type - III.

How the guideline value of Fomra has changed

The guideline value for Fomra has seen significant changes over the years. The 2017 revision set the value at Rs 2,680 per sq.ft, which was then increased to Rs 4,000 per sq.ft in the 2023 revision. The latest revision in 2024 raised the value to Rs 4,400 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has risen by 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, indicating a substantial rise in the guideline value during that period.

Guideline values in Chettiyaragaram

In Chettiyaragaram, there are 22 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,210 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Fomra's 2024 figure above the median.

• Erikarai Street: Rs 1,210 per sq.ft (2024)
• Dhanalakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Iswarya Nagar: Rs 1,650 per sq.ft (2024)
• Chettiyar Agaram Main Road: Rs 2,420 per sq.ft (2024)
• Chettiyar Agaram 1st Street: Rs 2,420 per sq.ft (2024)
• Murthy Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Fomra

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Fomra?

The Sub Registrar Office that covers Fomra is 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 details.

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

The guideline value is a crucial factor when buying or selling property in Chettiyaragaram, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Fomra?

The current guideline value of Fomra is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

Since 2017, the guideline value has increased by 64%, from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024.

What are the other streets in Chettiyaragaram with their guideline values?

Other streets in Chettiyaragaram include Erikarai Street at Rs 1,210 per sq.ft, Dhanalakshmi Nagar and Iswarya Nagar both at Rs 1,650 per sq.ft, Chettiyar Agaram Main Road and Chettiyar Agaram 1st Street at Rs 2,420 per sq.ft, and Murthy Nagar at Rs 2,200 per sq.ft.

How is the stamp duty calculated for properties in Fomra?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.

Where can I find the Sub Registrar Office for Fomra?

The Sub Registrar Office for Fomra is 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.