Guideline Value for N.V.N. Somu Street

N.V.N. Somu Street guideline value

The current guideline value of N.V.N. Somu Street is Rs 660 per sq.ft, effective from 1 July 2024. This street is located in Grandlyon village under the Redhills SRO, classified as Residential Class II Type - I.

How the guideline value of N.V.N. Somu Street has changed

The guideline value for N.V.N. Somu Street has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 600 per sq.ft in 2012. However, it then dropped to Rs 402 per sq.ft in 2017. The value rose significantly to Rs 600 per sq.ft in 2023, and currently, it stands at Rs 660 per sq.ft as of the 2024 revision.

Between the revisions, the changes were notable: from 2007 to 2012, there was a 100% increase; however, from 2012 to 2017, the value decreased by 33%. The value saw a substantial increase of 49% from 2017 to 2023. The latest revision shows a 10% increase from 2023 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Grandlyon

In Grandlyon, there are 82 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 1,500 per sq.ft. The median value is Rs 660 per sq.ft, which is equal to the guideline value of N.V.N. Somu Street.

• N.S.K Street: Rs 880 per sq.ft (2024)
• New Star City Diamond Annex: Rs 880 per sq.ft (2024)
• New Star City Diamond: Rs 515 per sq.ft (2024)
• New Star City: Rs 585 per sq.ft (2024)
• Paramasivam Street: Rs 660 per sq.ft (2024)
• Naalvar Nagar: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in N.V.N. Somu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers N.V.N. Somu Street?

The Sub Registrar Office that covers N.V.N. Somu Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Grandlyon. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of N.V.N. Somu Street?

The current guideline value of N.V.N. Somu Street is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, with various increases and one decrease in between. Notably, there was a 49% increase from 2017 to 2023.

What are the registration fees for property in N.V.N. Somu Street?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot, the total fees would be Rs 59,400.

Which office handles registrations for N.V.N. Somu Street?

The Redhills Sub Registrar Office handles registrations for N.V.N. Somu Street. It is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification of N.V.N. Somu Street?

N.V.N. Somu Street is classified as Residential Class II Type - I, indicating its suitability for residential development.