Guideline Value for SOMASUNDARAM STREET

Somasundaram Street guideline value

The current guideline value of Somasundaram Street is Rs 2,160 per sq.ft, effective from 1 July 2024. This street is located in Nemilicherry village under the Pallavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Somasundaram Street has changed

The guideline value for Somasundaram Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 has brought it to Rs 2,160 per sq.ft, marking an overall increase of 8% from the 2012 figure.

From 2017 to 2023, the guideline value increased by 49%. The change from 2023 to 2024 reflects an 8% rise. It is important to note that the register has no figures for Somasundaram Street for the years 2002, 2003, and 2007.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft, with a median value of Rs 2,160 per sq.ft. Somasundaram Street's 2024 figure matches this median value.

• Somu Nagar: Rs 2,160 per sq.ft (2024)
• South Streets: Rs 2,160 per sq.ft (2024)
• Sindhu Street: Rs 2,160 per sq.ft (2024)
• Sri Devi Amman Street: Rs 2,200 per sq.ft (2024)
• Senthil Nagar: Rs 2,750 per sq.ft (2024)
• Srinagar Colony: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundaram Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total cost to Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Somasundaram Street?

The Sub Registrar Office that covers Somasundaram Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for determining the minimum value of a property, ensuring that transactions are conducted at a fair price.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Somasundaram Street?

The current guideline value of Somasundaram Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,160 per sq.ft in 2024.

What is the land classification for Somasundaram Street?

Somasundaram Street is classified as Residential Class II Type - I under the Pallavaram SRO.

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

The Sub Registrar Office for Somasundaram Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total cost of Rs 1,94,400 for stamp duty and registration fees.