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Guideline Value

Corporate

Guideline Value for SOMU NAGAR RAJESWARI STREET

₹2750/sq.ft.

The guideline value for Somu Nagar Rajeswari Street in Medavakkam village (Chennai South Joint I SRO, Chennai zone) is Rs 2750 per sq.ft, effective 1 July 2024. It was Rs 2500 per sq.ft from 1 April 2023, a 10% change. The land classification is Commercial Class I Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Medavakkam

Village

Chennai South Joint I

SRO

Commercial Class I Type - III
History
Period Guideline Value
From 1-7-2024 ₹2750 /sq.ft.
From 1-4-2023 ₹2500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1675 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹2500 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

Integrated Building For Offices Of The Commerrcial Taxes And Registrations Department ,fanepet Nandanam ,chennai -600 035
044-29510536
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Somu Nagar Rajeswari Street

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Somu Nagar Rajeswari Street guideline value

The current guideline value of Somu Nagar Rajeswari Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Somu Nagar Rajeswari Street has changed

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This figure then decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value saw a significant increase to Rs 2,500 per sq.ft in the 2023 revision, which was a 49% rise from the previous figure. The latest revision in 2024 set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from 2023.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Somu Nagar Rajeswari Street's 2024 figure above that median.

Stamp duty and registration fee for property in Somu Nagar Rajeswari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost together to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Somu Nagar Rajeswari Street?

The Sub Registrar Office that covers Somu Nagar Rajeswari Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which a property must be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, both parties must be aware of the guideline value as it can influence negotiations and the overall transaction process. Ensuring compliance with the guideline value is essential for a smooth registration experience.

Frequently asked questions

What is the current guideline value of Somu Nagar Rajeswari Street?

The current guideline value of Somu Nagar Rajeswari Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the other streets with the same guideline value in Medavakkam?

Other streets in Medavakkam with the same guideline value of Rs 2,750 per sq.ft in 2024 include Somu Nagar and Somu Nagar Rani Street, and Somu Nagar Sathya Street.

Where can I find the Sub Registrar Office for Somu Nagar Rajeswari Street?

The Sub Registrar Office for Somu Nagar Rajeswari Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Somu Nagar Rajeswari Street?

The stamp duty for properties in Somu Nagar Rajeswari Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500.