Guideline Value for SOMU NAGAR SATHYA STREET

Somu Nagar Sathya Street guideline value

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

How the guideline value of Somu Nagar Sathya Street has changed

Over the years, the guideline value of Somu Nagar Sathya Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the current 2024 revision has further increased it to Rs 2,750 per sq.ft. Notably, the register has no figures for the years 2002, 2003, and 2007.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. The change from 2023 to 2024 represents a 10% increase. Overall, from 2012 to 2024, 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 guideline value in this area is Rs 2,200 per sq.ft, placing Somu Nagar Sathya Street's current value above this median.

• Somu Nagar Rani Street: Rs 2,750 per sq.ft (2024)
• Somu Nagar Rajeswari Street: Rs 2,750 per sq.ft (2024)
• Somu Nagar: Rs 2,750 per sq.ft (2024)
• Sivaram Avenue: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 1st Street/All Street: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Somu Nagar Sathya 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 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. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Somu Nagar Sathya Street?

Somu Nagar Sathya Street falls under 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 crucial reference point for property transactions in Medavakkam. It is used to calculate the stamp duty and registration fees that buyers need to pay when purchasing property. The guideline value serves as a benchmark to ensure that the registration process is transparent and standardized.

When selling property, the seller must also be aware of the guideline value, as it affects the overall transaction costs. Buyers and sellers should always check the latest guideline values to ensure they are compliant with the current regulations and fees applicable in their area.

Frequently asked questions

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

The current guideline value of Somu Nagar Sathya 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 several times, moving from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Somu Nagar Sathya Street?

Somu Nagar Sathya Street is classified as Commercial Class I Type - III.

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

The Sub Registrar Office covering Somu Nagar Sathya 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 property in Somu Nagar Sathya Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a stamp duty of Rs 1,92,500.