Guideline Value for SOWRASHTRA NAGAR 1ST STREET

Sowrashtra Nagar 1st Street guideline value

The current guideline value of Sowrashtra Nagar 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Puliyur village, under the Kodambakkam SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Sowrashtra Nagar 1st Street has changed

The guideline value for Sowrashtra Nagar 1st Street has seen significant changes over the years. The earliest recorded figure is from 2002, where the value was Rs 791 per sq.ft. This increased to Rs 1,300 per sq.ft in 2003, marking a change of +64%. The value then rose dramatically to Rs 3,100 per sq.ft in 2007, reflecting an increase of +138%. In 2012, the value slightly increased to Rs 5,300 per sq.ft, a change of +71%. The next revision in 2017 saw the value rise to Rs 5,360 per sq.ft, which was a modest increase of +1%. The value then jumped significantly to Rs 8,000 per sq.ft in 2023, marking a +49% increase. Finally, the current guideline value as of 2024 is Rs 8,800 per sq.ft, reflecting a +10% increase from the previous year.

There are no figures available for the years not mentioned in the revisions. Overall, from 2002 to 2024, the guideline value has increased by +1013%.

Guideline values in Puliyur

In Puliyur village, there are 648 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 14,300 per sq.ft, with a median value of Rs 5,800 per sq.ft. The guideline value of Sowrashtra Nagar 1st Street is above this median.

• Sowrashtra Nagar 10th Street: Rs 7,100 per sq.ft (2024)
• Sowrashtra Nagar 2nd Street: Rs 7,100 per sq.ft (2024)
• Sowrashtra Nagar 3rd Street: Rs 7,100 per sq.ft (2024)
• Sowrashtra Nagar 4th Street: Rs 7,100 per sq.ft (2024)
• Sowrashtra Nagar 5th Street: Rs 7,100 per sq.ft (2024)
• Sowrashtra Nagar 6th Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Sowrashtra Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total fees to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sowrashtra Nagar 1st Street?

The Sub Registrar Office that covers Sowrashtra Nagar 1st Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Puliyur. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. This value is used to calculate the applicable stamp duty and registration fees, which are essential components of the property transaction process.

Frequently asked questions

What is the current guideline value of Sowrashtra Nagar 1st Street?

The current guideline value of Sowrashtra Nagar 1st Street is Rs 8,800 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 791 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of +1013%.

What is the classification of Sowrashtra Nagar 1st Street?

Sowrashtra Nagar 1st Street is classified as Commercial Class I Type - I under the Kodambakkam SRO.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Where is the Sub Registrar Office located for this area?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.