Guideline Value for SOMASUNDARAM PILLAI STREET

Somasundaram Pillai Street guideline value

The current guideline value of Somasundaram Pillai Street is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Special Type - I.

How the guideline value of Somasundaram Pillai Street has changed

Over the years, the guideline value for Somasundaram Pillai Street has seen significant changes. The earliest recorded figure in the register is from 2002, where the value was Rs 1,664 per sq.ft. This figure increased to Rs 2,850 per sq.ft in 2003, marking a 71% rise. By 2007, the value further increased to Rs 4,000 per sq.ft, reflecting a 40% change. The 2012 revision saw a notable rise to Rs 10,000 per sq.ft, an increase of 150%. However, this was followed by a decrease to Rs 6,700 per sq.ft in 2017, which was a drop of 33%. The subsequent revisions showed a substantial increase, with the 2023 figure at Rs 10,000 per sq.ft and the latest revision in 2024 at Rs 11,000 per sq.ft, indicating a 10% increase.

From 2002 to 2024, the overall change in the guideline value is an increase of 561%. The revisions from 2017 to 2023 saw a rise of 49%, showcasing the fluctuations in the guideline value over the years.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value among these streets is Rs 11,000 per sq.ft, which is equal to the current guideline value of Somasundaram Pillai Street.

• Solaiappan Street: Rs 5,500 per sq.ft (2024)
• Soundarajan Street: Rs 6,600 per sq.ft (2024)
• South Boag Road Mtb Scheme: Rs 7,700 per sq.ft (2024)
• South Boag Road (Southern Side Of Thiagaraya Road): Rs 14,300 per sq.ft (2024)
• South Dhandapani Street / Dhandapani Street: Rs 13,200 per sq.ft (2024)
• South West Boag Road: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundaram Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total fees to Rs 9,90,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Somasundaram Pillai Street?

The Sub Registrar Office that covers Somasundaram Pillai Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions within Tnagar. It serves as a benchmark for determining the minimum value for registration purposes, ensuring that properties are registered at a fair value based on the prevailing rates in the area.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of property ownership. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Somasundaram Pillai Street?

The current guideline value of Somasundaram Pillai Street is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,664 per sq.ft in 2002 to Rs 11,000 per sq.ft in 2024, marking an overall increase of 561% over this period.

What are the stamp duty and registration fees for property in Somasundaram Pillai Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 1,10,00,000, with stamp duty of Rs 7,70,000 and registration fee of Rs 2,20,000, totaling Rs 9,90,000.

Which office handles property registrations for Somasundaram Pillai Street?

The Thiyagaraya nagar Sub Registrar Office handles property registrations for Somasundaram Pillai Street, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for property registration and is essential for calculating stamp duty and registration fees during property transactions in Tnagar.