Guideline Value for SOKAIKETHA NAGAR

Sokaiketha Nagar guideline value

The current guideline value of Sokaiketha Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This locality falls under Korattur village and is registered with the Villivakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Sokaiketha Nagar has changed

The guideline value for Sokaiketha Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 250 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012, marking a rise of 380%. However, it then saw a decrease to Rs 804 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 1,200 per sq.ft in 2023, and most recently, it has increased to Rs 1,300 per sq.ft in 2024, reflecting an 8% increase.

Between the 2017 and 2023 revisions, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 420%. The register has no figures for Sokaiketha Nagar for the years 2002 and 2003.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, indicating that Sokaiketha Nagar's 2024 figure is below this median.

• Siyathamman Nagar Annex: Rs 2,700 per sq.ft (2024)
• Siyathamman Nagar: Rs 2,700 per sq.ft (2024)
• Siyathamman Koil Street: Rs 1,600 per sq.ft (2024)
• Sivasakthi Nagar Tamil Street: Rs 2,900 per sq.ft (2024)
• SIVASAKTHI NAGAR (Near Water Canal Road): Rs 2,900 per sq.ft (2024)
• Sivasakthi Nagar Extension: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Sokaiketha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty, charged at 7%, would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, resulting in a total of Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sokaiketha Nagar?

The Sub Registrar Office that covers Sokaiketha Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration of property transactions in Korattur. When buying or selling a property, the guideline value is used to determine the stamp duty and registration fees that need to be paid, ensuring compliance with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value as it directly affects the overall cost of the transaction. Accurate information about the guideline value helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Sokaiketha Nagar?

The current guideline value of Sokaiketha Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 420% over the years.

What is the land classification for Sokaiketha Nagar?

Sokaiketha Nagar is classified as Residential Class IV Type - I, which indicates its designation for residential purposes.

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

The Sub Registrar Office for Sokaiketha Nagar is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in Sokaiketha Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.