Guideline Value for SOMU NAGAR

Somu Nagar guideline value

The current guideline value of Somu Nagar, located in Nemilicherry village under the Pallavaram SRO, is Rs 2,160 per sq.ft as per the 2024 revision, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Somu Nagar has changed

The guideline value of Somu Nagar 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 the 2023 revision, and currently stands at Rs 2,160 per sq.ft from the 2024 revision, marking an 8% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value is Rs 2,160 per sq.ft, which is equal to the current guideline value of Somu Nagar.

• Somasundaram Street: 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 Somu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, totaling Rs 1,94,400. It is important to note that 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 Somu Nagar?

Somu Nagar falls under the jurisdiction of the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 is a crucial factor in property transactions in Nemilicherry, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value influences the stamp duty and registration fees applicable during the sale process.

When registering a property, the guideline value ensures that the transaction is documented at a fair value, which aids in maintaining transparency in the real estate market. It is essential for buyers to check the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Somu Nagar?

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

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased by 8%. Overall, from the 2012 revision to the 2024 revision, there has been an increase of 8% as well.

What is the land classification for Somu Nagar?

Somu Nagar is classified as Residential Class II Type - I, indicating its designation for residential use.

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

The Sub Registrar Office covering Somu Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Somu Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 21,60,000, the stamp duty at 7% would be Rs 1,51,200.