Guideline Value for SOMASUNDARAM NAGAR 2ND STREET

Somasundaram Nagar 2nd Street guideline value

The current guideline value of Somasundaram Nagar 2nd Street is Rs 3,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, and it falls under the Residential Class III Type - I land classification.

How the guideline value of Somasundaram Nagar 2nd Street has changed

Over the years, the guideline value of Somasundaram Nagar 2nd Street has seen several revisions. The most recent revision in 2024 set the value at Rs 3,200 per sq.ft, which is an increase from Rs 3,000 per sq.ft in 2023, reflecting a change of +7%. Prior to that, the value was Rs 2,010 per sq.ft in 2017, marking a significant increase of +49% over the six years. The 2012 revision recorded a value of Rs 3,000 per sq.ft, which was a decrease of -33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has seen a net increase of +7%.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Somasundaram Nagar 2nd Street. The 2012 revision was the first recorded value for this street, and it has since experienced fluctuations in its guideline value.

Guideline values in Perambur

In Perambur, there are 1114 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, placing Somasundaram Nagar 2nd Street above this median value.

• Somasundaram Nagar 1st 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 2nd Street

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 costs 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somasundaram Nagar 2nd Street?

The Sub Registrar Office that covers Somasundaram Nagar 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Perambur. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. The guideline value is assessed based on various factors, including the location and type of property.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any discrepancies during registration. This ensures that the transaction is legally recognized and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Somasundaram Nagar 2nd Street?

The current guideline value of Somasundaram Nagar 2nd 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 2,010 per sq.ft in 2017 to Rs 3,200 per sq.ft in 2024, with several revisions in between. The value increased by 49% from 2017 to 2023 and by 7% from 2023 to 2024.

What is the land classification of Somasundaram Nagar 2nd Street?

Somasundaram Nagar 2nd Street is classified as Residential Class III Type - I under the land classification system.

Where can I find the Sub Registrar Office for Somasundaram Nagar 2nd Street?

The Sub Registrar Office for Somasundaram Nagar 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in Somasundaram Nagar 2nd Street?

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