Guideline Value for SOMASUNDARAM NAGAR

Somasundaram Nagar guideline value

The current guideline value of Somasundaram Nagar is Rs 3,700 per sq.ft, effective from 1 July 2024. This locality falls under Thiruvottiyur village, covered by the Thiruvottiyur SRO, and is classified as Mixed Special Type - II.

How the guideline value of Somasundaram Nagar has changed

Over the years, the guideline value of Somasundaram Nagar has seen significant changes. The 2007 revision recorded a value of Rs 600 per sq.ft, which increased dramatically to Rs 3,400 per sq.ft in 2012, marking a rise of 467%. However, the value decreased by 33% to Rs 2,278 per sq.ft in 2017. Following this, the 2023 revision set the value at Rs 3,400 per sq.ft, and the latest 2024 revision has increased it to Rs 3,700 per sq.ft, reflecting a 9% rise.

In summary, from the 2007 revision to the 2024 revision, the overall increase in the guideline value is 517%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft, with a median value of Rs 3,300 per sq.ft. Somasundaram Nagar's 2024 guideline value is above this median.

• Somu Chetty Street: Rs 3,300 per sq.ft (2024)
• Sornam Nagar: Rs 3,300 per sq.ft (2024)
• South Mada Steet: Rs 3,700 per sq.ft (2024)
• South Prakaram Street: Rs 3,700 per sq.ft (2024)
• Sivashakthi Nagar: Rs 1,500 per sq.ft (2024)
• Sowndarapandiyanar Nagar: Rs 3,700 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundaram Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,700 per sq.ft, the total guideline value amounts to Rs 37,00,000. The stamp duty at 7% would be Rs 2,59,000, and the registration fee at 2% would be Rs 74,000, bringing the total costs to Rs 3,33,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Somasundaram Nagar?

Somasundaram Nagar is covered by the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Thiruvottiyur. It serves as the basis for calculating the stamp duty and registration fees when buying or selling property. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during registration.

When a property is registered, the guideline value helps determine the official value of the property for tax purposes. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Somasundaram Nagar?

The current guideline value of Somasundaram Nagar is Rs 3,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 600 per sq.ft to Rs 3,700 per sq.ft in 2024, marking an overall increase of 517% over the years.

What are the stamp duty rates for properties in Somasundaram Nagar?

The stamp duty rate for properties in Somasundaram Nagar is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2% of the guideline value.

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

The Sub Registrar Office covering Somasundaram Nagar is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification of Somasundaram Nagar?

Somasundaram Nagar is classified as Mixed Special Type - II, which influences its guideline value and property usage regulations.