Guideline Value for SOWRNAMBIGAI STREET

Sowrnambigai Street guideline value

The current guideline value of Sowrnambigai Street is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Ekkaduthangal village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Sowrnambigai Street has changed

Since 2002, the guideline value for Sowrnambigai Street has seen significant changes. In 2002, the value was Rs 350 per sq.ft, which increased to Rs 404 per sq.ft in 2003, marking a 15% rise. The value then rose to Rs 700 per sq.ft in 2007, reflecting a substantial increase of 73%. Following this, the guideline value jumped to Rs 3,200 per sq.ft in 2012, showing a remarkable 357% increase. However, it decreased to Rs 2,144 per sq.ft in 2017, a decline of 33%. The value then rose to Rs 3,200 per sq.ft in 2023, before reaching the current value of Rs 3,520 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 906%. The register has no figure for this street for the years not mentioned above.

Guideline values in Ekkaduthangal

In Ekkaduthangal, there are 190 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,080 to Rs 8,800 per sq.ft. The median value for these streets is Rs 4,620 per sq.ft, indicating that Sowrnambigai Street's 2024 figure is below that median.

• Sowrnambigai 3rd Street: Rs 3,520 per sq.ft (2024)
• Sowrnambigai 2nd Street: Rs 3,520 per sq.ft (2024)
• Sowrnambigai 1st Street: Rs 3,520 per sq.ft (2024)
• Shanmuga Raja Street: Rs 3,520 per sq.ft (2024)
• Seven Hill Avenue: Rs 4,620 per sq.ft (2024)
• Sathya Nagar Ist Street: Rs 4,620 per sq.ft (2024)

Stamp duty and registration fee for property in Sowrnambigai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, making the total cost for these fees Rs 3,16,800. 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 information.

Which Sub Registrar Office covers Sowrnambigai Street?

The Sub Registrar Office that covers Sowrnambigai Street 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 details.

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

The guideline value is a crucial factor when buying or selling property in Ekkaduthangal. It serves as the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately for taxation purposes.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sowrnambigai Street?

The current guideline value of Sowrnambigai Street is Rs 3,520 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 350 per sq.ft in 2002 to Rs 3,520 per sq.ft in 2024, representing an overall increase of 906% over this period.

What is the median guideline value in Ekkaduthangal?

The median guideline value for streets in Ekkaduthangal is Rs 4,620 per sq.ft, which is higher than the current value of Sowrnambigai Street.

What are the stamp duty and registration fees for Sowrnambigai Street?

The stamp duty is 7%, and the registration fee is 2% of the guideline value. For a property valued at Rs 35,20,000, the total fees would amount to Rs 3,16,800.

Which Sub Registrar Office covers Sowrnambigai Street?

The Chennai South Joint I Sub Registrar Office covers Sowrnambigai Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.