Guideline Value for SUMATHI NAGAR

Sumathi Nagar guideline value

The current guideline value of Sumathi Nagar, located in Padappai village under the Padappai SRO, is Rs 830 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Sumathi Nagar has changed

Looking at the revisions, the guideline value for Sumathi Nagar has seen several changes over the years. The 2012 revision set the value at Rs 750 per sq.ft. This was followed by a decrease to Rs 502 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 750 per sq.ft again, and the latest 2024 revision has raised it further to Rs 830 per sq.ft, marking an increase of 11% from the previous year.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft. The median value is Rs 830 per sq.ft, which is equal to the guideline value of Sumathi Nagar.

• Sumathi Nagar S.No.320/4, 4a(Part): Rs 830 per sq.ft (2024)
• Sugh Dev Residency: Rs 3,000 per sq.ft (2024)
• Sundara Vinayagar Koil Street: Rs 830 per sq.ft (2024)
• Sundar Nagar: Rs 830 per sq.ft (2024)
• St Nagar: Rs 1,330 per sq.ft (2024)
• StepStone: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sumathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 830 per sq.ft, the total guideline value would be Rs 8,30,000. The stamp duty at 7% would be Rs 58,100, and the registration fee at 2% would be Rs 16,600, bringing the total to Rs 74,700. It is important to note that 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 details.

Which Sub Registrar Office covers Sumathi Nagar?

The Sub Registrar Office covering Sumathi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Padappai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate fees for the transaction, reflecting the value of the property being registered.

Frequently asked questions

What is the current guideline value of Sumathi Nagar?

The current guideline value of Sumathi Nagar is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2012 to Rs 502 per sq.ft in 2017, then back to Rs 750 per sq.ft in 2023, and finally to Rs 830 per sq.ft in 2024.

What is the land classification for Sumathi Nagar?

Sumathi Nagar is classified under Residential Class III Type - I.

Where can I find the registration office for Sumathi Nagar?

The registration office for Sumathi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in Sumathi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 8,30,000, the stamp duty would be Rs 58,100 at a rate of 7%.