Guideline Value for SOMANATHA ESWAR NAGAR

Somanatha Eswar Nagar guideline value

The current guideline value of Somanatha Eswar Nagar is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Minjur village, under the Ponneri SRO, and is classified as Residential Class III Type - I.

How the guideline value of Somanatha Eswar Nagar has changed

The guideline value for Somanatha Eswar Nagar has undergone several revisions over the years. The 2017 revision set the value at Rs 268 per sq.ft. This was followed by a significant increase in the 2023 revision to Rs 400 per sq.ft, marking a 49% rise. The most recent revision in 2024 further increased the value to Rs 440 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Minjur

In Minjur, there are 179 streets under the Ponneri SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,320 per sq.ft, with a median value of Rs 550 per sq.ft. The guideline value of Somanatha Eswar Nagar is below this median.

• Sowbhakiya Nagar: Rs 880 per sq.ft (2024)
• Sri Balaji Nagar: Rs 440 per sq.ft (2024)
• Sri Devi Nagar: Rs 880 per sq.ft (2024)
• Sri Haya Greevar Nagar: Rs 550 per sq.ft (2024)
• Sri Janakirathina Nagar: Rs 880 per sq.ft (2024)
• Sri Kamala Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Somanatha Eswar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty, charged at 7%, would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, totaling Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somanatha Eswar Nagar?

The Sub Registrar Office that covers Somanatha Eswar Nagar is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Minjur, 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 must be paid during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers should be aware that the guideline value can influence their overall costs during the property transfer process.

Frequently asked questions

What is the current guideline value of Somanatha Eswar Nagar?

The current guideline value of Somanatha Eswar Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023, and then to Rs 440 per sq.ft in 2024, marking an overall increase of 64% from 2017 to 2024.

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

Other streets in Minjur include Sowbhakiya Nagar at Rs 880 per sq.ft, Sri Balaji Nagar at Rs 440 per sq.ft, and several others with varying rates. The guideline values range from Rs 440 to Rs 1,320 per sq.ft.

How is the stamp duty calculated for properties in Somanatha Eswar Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800.

Where can I find the Sub Registrar Office for Somanatha Eswar Nagar?

The Sub Registrar Office covering Somanatha Eswar Nagar is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find more information by visiting the relevant link.