Guideline Value for SOMU NAGAR

Somu Nagar guideline value

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

How the guideline value of Somu Nagar has changed

Over the years, the guideline value of Somu Nagar has seen several revisions. Starting from Rs 89 per sq.ft in 2003, the value increased significantly to Rs 900 per sq.ft in 2007, marking a rise of 911%. In 2012, it dropped to Rs 2,500 per sq.ft, reflecting a decrease of 33%. The value then increased to Rs 1,675 per sq.ft in 2017, a 49% increase from 2012. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent revision in 2024 raised it to Rs 2,750 per sq.ft, a 10% increase.

The register does not have a figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 2990%, showcasing a significant rise over the years.

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 for these streets is Rs 2,200 per sq.ft, placing Somu Nagar's 2024 figure above that median.

• Somu Nagar Rajeswari Street: Rs 2,750 per sq.ft (2024)
• Somu Nagar Rani Street: Rs 2,750 per sq.ft (2024)
• Somu Nagar Sathya Street: 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

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 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somu Nagar?

Somu Nagar falls under the jurisdiction of 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 details.

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

The guideline value is a crucial factor when buying or selling property in Medavakkam. It serves as a reference point for determining the stamp duty and registration fees, which are mandatory during the registration process. Buyers and sellers must consider this value to ensure compliance with legal requirements.

When a property is registered, the guideline value is used to calculate the applicable fees. It is essential for both parties to be aware of the guideline value to avoid discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Somu Nagar?

The current guideline value of Somu Nagar 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 89 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, showing significant increases and some fluctuations in between.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, with Somu Nagar's value being above this median.

What are the stamp duty and registration fees for property in Somu Nagar?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty is Rs 1,92,500 and the registration fee is Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Somu Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Somu Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.