Guideline Value for SOMASUNDARAM NAGAR 1ST STREET

Somasundaram Nagar 1st Street guideline value

The current guideline value of Somasundaram Nagar 1st Street is Rs 3,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Somasundaram Nagar 1st Street has changed

The guideline value for Somasundaram Nagar 1st Street has seen several revisions over the years. The earliest available figure is from 2012, which was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 3,000 per sq.ft, and the latest revision in 2024 increased it further to Rs 3,200 per sq.ft, marking a 7% rise from the previous year.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 7%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Perambur

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

• Somasundaram Nagar 2nd Street: Rs 3,200 per sq.ft (2024)
• Somasundaram Nagar Main Road: Rs 3,200 per sq.ft (2024)
• Somasundara Nagar: 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 Somasundaram Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value amounts to Rs 32,00,000. The stamp duty at 7% would be Rs 2,24,000, while 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 on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somasundaram Nagar 1st Street?

The Sub Registrar Office that covers Somasundaram Nagar 1st Street 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 during the registration of property transactions in Perambur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the guideline value, as it can influence the overall cost of the transaction. Buyers should consider this value when negotiating sale prices to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Somasundaram Nagar 1st Street?

The current guideline value of Somasundaram Nagar 1st Street 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 from Rs 3,000 per sq.ft in 2023 to Rs 3,200 per sq.ft in 2024, marking a 7% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing fluctuations over the years.

What is the land classification for Somasundaram Nagar 1st Street?

Somasundaram Nagar 1st Street is classified as Residential Class III Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property in Somasundaram Nagar 1st Street?

For a property valued at Rs 32,00,000, the stamp duty would be Rs 2,24,000 and the registration fee would be Rs 64,000, totaling Rs 2,88,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers this area?

The Purasaivakkam Sub Registrar Office covers Somasundaram Nagar 1st Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.