Guideline Value for SOMASUNDARAM STREET

Somasundaram Street guideline value

The current guideline value of Somasundaram Street in Zaminpallavaram village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - II.

How the guideline value of Somasundaram Street has changed

The guideline value for Somasundaram Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, an increase of 10% from Rs 3,000 per sq.ft in 2023. Prior to that, the 2017 revision recorded a value of Rs 2,010 per sq.ft, which marked a significant increase of 49% from the previous value of Rs 3,000 per sq.ft in 2012. It is important to note that the register has no figures for the years 2002, 2003, and 2007.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The 2012 figure of Rs 3,000 per sq.ft was followed by a decrease to Rs 2,010 per sq.ft in 2017, and then a rise to Rs 3,000 in 2023, culminating in the current value of Rs 3,300 per sq.ft in 2024.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which matches the current value for Somasundaram Street.

• Somasundaram Street (Part): Rs 3,300 per sq.ft (2024)
• Solidam Workers Colony: Rs 3,300 per sq.ft (2024)
• South Street: Rs 3,300 per sq.ft (2024)
• Siva Shanmugam Cross Street: Rs 3,300 per sq.ft (2024)
• Sivasanmugam Street: Rs 2,160 per sq.ft (2024)
• Sivasankaran Street: Rs 4,400 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

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 Zaminpallavaram

The guideline value is a crucial factor in the registration of property transactions in Zaminpallavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value influences the stamp duty and registration fees that need to be paid. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Somasundaram Street?

The current guideline value of Somasundaram Street is Rs 3,300 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 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification of Somasundaram Street?

Somasundaram Street is classified as Residential Class I Type - II under the guideline value register.

What are the registration fees for property in Somasundaram Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Somasundaram Street located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.