Guideline Value for Indira Nagar

Indira Nagar guideline value

The current guideline value of Indira Nagar in Somangalam village is Rs 400 per sq.ft, effective from 1 July 2024. This area falls under the Sriperumpudur SRO and is classified as Residential Special Type - I.

How the guideline value of Indira Nagar has changed

The guideline value for Indira Nagar has seen several revisions over the years. In the 2007 revision, the value was Rs 50 per sq.ft, which increased significantly to Rs 400 per sq.ft in the 2012 revision. However, it dropped to Rs 268 per sq.ft in the 2017 revision, before stabilizing at Rs 400 per sq.ft in both the 2023 and 2024 revisions. The register has no figure for this street in 2002 and 2003.

From 2007 to 2012, the guideline value increased by 700%, but then decreased by 33% from 2012 to 2017. Between 2017 and 2023, there was a 49% increase, and the value remained unchanged from 2023 to 2024, resulting in an overall increase of 700% from 2007 to 2024.

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. Indira Nagar's 2024 figure of Rs 400 per sq.ft is above this median.

• Indira Nagar Part II: Rs 200 per sq.ft (2024)
• Hi-tech city Extension: Rs 200 per sq.ft (2024)
• Hanuman Garden: Rs 200 per sq.ft (2024)
• Jayabalan Nagar: Rs 400 per sq.ft (2024)
• Jayaram Nagar: Rs 250 per sq.ft (2024)
• Green Garden: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would amount to Rs 28,000, and the registration fee at 2% would be Rs 8,000, making the total fees Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Indira Nagar?

The Sub Registrar Office that covers Indira 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 information.

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

The guideline value is an essential component in the registration process of property transactions in Somangalam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory during property registration.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate fees are paid. It is crucial for both buyers and sellers to be aware of the current guideline value to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Indira Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, then decreased to Rs 268 per sq.ft in 2017, and has remained at Rs 400 per sq.ft in 2023 and 2024.

What is the land classification of Indira Nagar?

Indira Nagar is classified as Residential Special Type - I under the guideline value register.

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

The Sub Registrar Office for Indira Nagar is the Sriperumpudur Sub Registrar Office located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for properties in Indira Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 4,00,000 would incur a stamp duty of Rs 28,000 at 7%.