Guideline Value for SOUNDARYA COLONY

Soundarya Colony guideline value

The current guideline value of Soundarya Colony in Padi village is Rs 8,700 per sq.ft, as per the 2024 revision effective from 1 July 2024. This area falls under the Villivakkam Sub Registrar Office (SRO) and is classified as Residential Special Type - III.

How the guideline value of Soundarya Colony has changed

The guideline value of Soundarya Colony has seen significant changes over the years. In 2002, the guideline value was Rs 1,075 per sq.ft. This increased to Rs 1,650 per sq.ft in 2007, marking a rise of 53%. However, the value saw a substantial jump to Rs 8,000 per sq.ft in 2012, an increase of 385%. In 2017, it decreased to Rs 5,360 per sq.ft, reflecting a decline of 33%. The value then rose to Rs 8,000 per sq.ft in 2023, and currently stands at Rs 8,700 per sq.ft as of the 2024 revision, which is a 9% increase from the previous year. The register has no figure for this street in 2003.

Overall, from 2002 to 2024, the guideline value has increased by 709%. The changes between the revisions highlight the fluctuations in property valuation in this area, with the most notable increase occurring between 2012 and 2017, followed by a substantial rise leading up to the current value.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Soundarya Colony's 2024 figure above this median.

• South Mada Street: Rs 4,400 per sq.ft (2024)
• South Mada Street 'bharathi Nagar': Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 1st Street': Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 2nd Street': Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 3rd Street': Rs 4,400 per sq.ft (2024)
• Sivan Koil Street (Koil Land): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Soundarya Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total fees to Rs 7,83,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Soundarya Colony?

The Sub Registrar Office that covers Soundarya Colony is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

When buying or selling property in Padi, the guideline value plays a crucial role in determining the amount of stamp duty and registration fees that need to be paid. The guideline value is set by the government and is used as a benchmark for property transactions in the area.

At the time of registration, either the guideline value or the sale price is considered, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions based on the established values.

Frequently asked questions

What is the current guideline value of Soundarya Colony?

The current guideline value of Soundarya Colony is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,075 per sq.ft in 2002 to Rs 8,700 per sq.ft in 2024, reflecting an overall increase of 709% over the years.

What is the land classification of Soundarya Colony?

Soundarya Colony is classified as Residential Special Type - III under the current guidelines.

Where can I find the registration office for Soundarya Colony?

The registration office covering Soundarya Colony is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated in Soundarya Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000 at a rate of 7%.