Guideline Value for SOMASUDARAM STREET

Somasudaram Street guideline value

The current guideline value of Somasudaram Street in Enjambakkam village is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Class II Type - I.

How the guideline value of Somasudaram Street has changed

The guideline value for Somasudaram Street has experienced significant changes over the years. In 2003, the value was Rs 150 per sq.ft, which increased to Rs 500 per sq.ft in 2007, marking a substantial rise of 233%. Following this, the value surged to Rs 2,500 per sq.ft in 2012, a remarkable increase of 400%. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, reflecting a decline of 33%. The subsequent revisions saw the value rise to Rs 2,500 per sq.ft in 2023, and then to Rs 2,800 per sq.ft in 2024, with a notable increase of 12% between these two years. Overall, from 2003 to 2024, the guideline value has increased by 1,767%.

Guideline values in Enjambakkam

In Enjambakkam, there are 253 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 7,200 per sq.ft as of 2024. The median guideline value in this area is Rs 2,200 per sq.ft, placing Somasudaram Street's 2024 figure above that median.

• Somasudaram Road: Rs 2,800 per sq.ft (2024)
• Spring Dale Road & Swastik Avenue: Rs 3,900 per sq.ft (2024)
• Sri Babuji Nagar: Rs 3,900 per sq.ft (2024)
• Sindhuri Garden: Rs 3,300 per sq.ft (2024)
• Shree Chaitanya: Rs 3,300 per sq.ft (2024)
• Sri Krishna Koil Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Somasudaram Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total of these charges Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somasudaram Street?

The Sub Registrar Office that covers Somasudaram Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

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

When a property is registered, the guideline value is compared with 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 value of the property being transferred.

Frequently asked questions

What is the current guideline value of Somasudaram Street?

The current guideline value of Somasudaram Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 150 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1,767% over this period.

What is the classification of land on Somasudaram Street?

Somasudaram Street is classified as Residential Class II Type - I under the Neelankarai SRO.

What are the stamp duty rates for property in Somasudaram Street?

The stamp duty rate for property transactions in Somasudaram Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Somasudaram Street?

The Sub Registrar Office covering Somasudaram Street is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.