Guideline Value for SOWRNAM NAGAR

Sowrnam Nagar guideline value

The current guideline value of Sowrnam Nagar, located in Thiruvanmiyur village, is Rs 7,150 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Sowrnam Nagar has changed

The guideline value of Sowrnam Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 6,500 per sq.ft, which then decreased to Rs 4,355 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 6,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 7,150 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes between revisions are as follows: from 2012 to 2017, there was a decrease of 33%; from 2017 to 2023, the value increased by 49%; and overall, from 2012 to 2024, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO, with guideline values for 2024 ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value for these streets is Rs 9,900 per sq.ft, placing Sowrnam Nagar's 2024 figure below that median.

• South Mada Veethi: Rs 7,150 per sq.ft (2024)
• Sivasundar Avenue: Rs 11,000 per sq.ft (2024)
• Sivasukku Road 4th Road: Rs 7,150 per sq.ft (2024)
• Sivakamipuram Main Road: Rs 11,000 per sq.ft (2024)
• Sivakamipuram 2nd Cross Street: Rs 9,900 per sq.ft (2024)
• Sivakamipuram 1st Cross Street: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Sowrnam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 7,150 per sq.ft, the total guideline value amounts to Rs 71,50,000. The stamp duty at 7% would be Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000, making the total charges Rs 6,43,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sowrnam Nagar?

The Sub Registrar Office that covers Sowrnam Nagar is 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 information.

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

The guideline value is a crucial factor when registering property transactions in Thiruvanmiyur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized valuation of the property.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This process aids in maintaining transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Sowrnam Nagar?

The current guideline value of Sowrnam Nagar is Rs 7,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,500 per sq.ft in 2012 to Rs 4,355 per sq.ft in 2017, then increased to Rs 6,500 per sq.ft in 2023, and finally to Rs 7,150 per sq.ft in 2024.

What is the land classification of Sowrnam Nagar?

Sowrnam Nagar is classified as Residential Class IV Type - I according to the local regulations.

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

The Sub Registrar Office for Sowrnam Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Sowrnam Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 71,50,000 would incur a stamp duty of Rs 5,00,500 at 7%.