Guideline Value for Santhi Nagar

Santhi Nagar guideline value

The current guideline value of Santhi Nagar, located in Somangalam village under the Sriperumpudur SRO, is Rs 500 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - I.

How the guideline value of Santhi Nagar has changed

Over the years, the guideline value of Santhi Nagar has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 500 per sq.ft. The 2017 revision recorded a lower value of Rs 335 per sq.ft. Notably, the register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 500 per sq.ft in both the 2023 and 2024 revisions, resulting in a 0% change between these two years. Overall, from 2012 to 2024, the guideline value has remained stable, with no net change.

Guideline values in Somangalam

In Somangalam village, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. The guideline value of Santhi Nagar is above this median.

• Selliamman Nagar: Rs 400 per sq.ft (2024)
• Sengunthar street: Rs 250 per sq.ft (2024)
• Rkp Residency: Rs 700 per sq.ft (2024)
• Real Value Nagar Phase III: Rs 350 per sq.ft (2024)
• Real Value Nagar: Rs 350 per sq.ft (2024)
• Sivam Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Santhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total charges to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Santhi Nagar?

The Sub Registrar Office that covers Santhi Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Somangalam. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property transaction occurs, the guideline value ensures that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Santhi Nagar?

The current guideline value of Santhi Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft since 2012, with a drop to Rs 335 per sq.ft in 2017, followed by a return to Rs 500 per sq.ft in 2023 and 2024. There are no figures available for the years 2002, 2003, and 2007.

What is the land classification of Santhi Nagar?

Santhi Nagar is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

How is stamp duty calculated in Santhi Nagar?

Stamp duty in Santhi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

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

The Sub Registrar Office covering Santhi Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find more details through the provided link.