Guideline Value for SORNAM NAGAR

Sornam Nagar guideline value

The current guideline value of Sornam Nagar, located in Thiruvottiyur village under the Thiruvottiyur SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Sornam Nagar has changed

The guideline value for Sornam Nagar has seen several revisions over the years. In 2002, the value was Rs 383 per sq.ft, which increased to Rs 451 per sq.ft in 2003. The subsequent revisions saw a significant jump, with the value rising to Rs 600 per sq.ft in 2007. This was followed by a notable increase to Rs 3,000 per sq.ft in 2012, although it dropped to Rs 2,010 per sq.ft in 2017. The value then rose to Rs 3,000 per sq.ft in 2023 before reaching the current figure of Rs 3,300 per sq.ft in 2024.

Between the revisions, there have been various percentage changes. From 2023 to 2024, the guideline value increased by 10%. The jump from 2017 to 2023 was 49%, while the value decreased by 33% from 2012 to 2017. The 2007 to 2012 revision saw a remarkable increase of 400%, and the value rose by 33% from 2003 to 2007. Additionally, there was an 18% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 762%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which is equal to the current value of Sornam Nagar.

• Somu Chetty Street: Rs 3,300 per sq.ft (2024)
• South Mada Steet: Rs 3,700 per sq.ft (2024)
• Somasundaram Nagar: Rs 3,700 per sq.ft (2024)
• South Prakaram Street: Rs 3,700 per sq.ft (2024)
• Sowndarapandiyanar Nagar: Rs 3,700 per sq.ft (2024)
• S.P.Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sornam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Sornam Nagar?

The Sub Registrar Office that covers Sornam Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a critical factor when buying or selling property in Thiruvottiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When a property transaction occurs, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This process helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Sornam Nagar?

The current guideline value of Sornam Nagar 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 several times, with the most recent increase being from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024.

What is the land classification for Sornam Nagar?

Sornam Nagar is classified as Residential Special Type - I.

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

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for property in Sornam Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.