Guideline Value for Sky Avenue

Sky Avenue guideline value

The current guideline value of Sky Avenue in Somangalam village is Rs 150 per sq.ft, effective from 1 July 2024. This area falls under the Sriperumpudur SRO and is classified as Residential Class IV Type - I.

How the guideline value of Sky Avenue has changed

Since the 2007 revision, the guideline value for Sky Avenue has increased significantly. In 2007, the value was Rs 50 per sq.ft, which rose to Rs 150 per sq.ft in 2012. The value remained unchanged at Rs 150 per sq.ft from 2012 to 2023. The 2017 revision saw an increase to Rs 100 per sq.ft, marking a 50% rise from the previous figure. The value has remained stable at Rs 150 per sq.ft from 2023 to 2024, indicating no change during this period.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 200%.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that have a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft. The median value for these streets is Rs 350 per sq.ft, placing Sky Avenue's 2024 figure below that median. Below are the guideline values for other streets in Somangalam:

• Somangalam Main Road: Rs 500 per sq.ft (2024)
• Sivam Nagar: Rs 200 per sq.ft (2024)
• Sri Amman Garden: Rs 250 per sq.ft (2024)
• Sri City: Rs 350 per sq.ft (2024)
• Sri Ganapathi Nagar: Rs 200 per sq.ft (2024)
• Sri Gayathiri Doctor's Nest: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Sky Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 150 per sq.ft, the total guideline value amounts to Rs 1,50,000. The stamp duty at 7% would be Rs 10,500, and the registration fee at 2% would be Rs 3,000, totaling Rs 13,500. 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 Sky Avenue?

The Sub Registrar Office that covers Sky Avenue 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 property transactions in Somangalam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the higher value between the sale price and the guideline value is considered for calculating the stamp duty. 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 Sky Avenue?

The current guideline value of Sky Avenue is Rs 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 50 per sq.ft in 2007 to Rs 150 per sq.ft in 2012, remained at Rs 150 from 2012 to 2023, and has stayed the same from 2023 to 2024.

What is the median guideline value for streets in Somangalam?

The median guideline value for streets in Somangalam is Rs 350 per sq.ft, with Sky Avenue's 2024 value being below this median.

What are the stamp duty and registration fees for a property in Sky Avenue?

For a property valued at Rs 1,50,000, the stamp duty would be Rs 10,500 and the registration fee would be Rs 3,000, totaling Rs 13,500.

Which office handles registrations for Sky Avenue?

The Sriperumpudur Sub Registrar Office handles registrations for Sky Avenue, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.