Guideline Value for SOMASUNDARA NAGAR

Somasundara Nagar guideline value

The current guideline value of Somasundara Nagar, located in Perambur village under the Purasaivakkam SRO, is Rs 3,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Somasundara Nagar has changed

The guideline value for Somasundara Nagar has seen several revisions over the years. In 2002, the value was Rs 509 per sq.ft, which increased to Rs 558 per sq.ft in 2003, marking a 10% rise. By 2007, it had jumped significantly to Rs 600 per sq.ft, an 8% increase. The value then surged to Rs 3,000 per sq.ft in 2012, reflecting a substantial 400% increase. However, it decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and most recently, it reached Rs 3,200 per sq.ft in 2024, which is a 7% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 529%. There are no figures available for the revisions in the years not listed for this street.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, placing Somasundara Nagar's 2024 figure above that median.

• Somasundaram Nagar Main Road: Rs 3,200 per sq.ft (2024)
• Somasundaram Nagar 2nd Street: Rs 3,200 per sq.ft (2024)
• Somasundaram Nagar 1st Street: Rs 3,200 per sq.ft (2024)
• Slum Clearance Board Quarters: Rs 2,200 per sq.ft (2024)
• Siva Sakthi Vinayagar Koil Street: Rs 3,200 per sq.ft (2024)
• Sreenivasa Achary Street: Rs 4,300 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundara Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value would be Rs 32,00,000. The stamp duty at 7% would amount to Rs 2,24,000, and the registration fee at 2% would be Rs 64,000, bringing the total fees to Rs 2,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somasundara Nagar?

The Sub Registrar Office that covers Somasundara Nagar is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Perambur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is bought or sold, the guideline value is used to calculate the applicable fees, which are based on either the guideline value or the actual sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Somasundara Nagar?

The current guideline value of Somasundara Nagar is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 509 per sq.ft in 2002 to Rs 3,200 per sq.ft in 2024, representing an overall increase of 529% over the years.

What is the land classification for Somasundara Nagar?

Somasundara Nagar falls under the Residential Class III Type - I land classification.

Where can I find the registration office for Somasundara Nagar?

The registration office for Somasundara Nagar is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for property transactions in Somasundara Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 32,00,000 would incur a stamp duty of Rs 2,24,000 at 7%.