Guideline Value for Soma Nagar

Soma Nagar guideline value

The current guideline value of Soma Nagar, located in Nemili_B village under the Sriperumpudur SRO, is Rs 250 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Soma Nagar has changed

The guideline value for Soma Nagar has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 300 per sq.ft, but in the 2024 revision, it decreased by 17% to Rs 250 per sq.ft.

This change reflects a notable reduction from the previous year's value. The current guideline value of Rs 250 per sq.ft aligns with the median value for 97 streets in Nemili_B, which ranges from Rs 150 to Rs 1,500 per sq.ft.

Guideline values in Nemili_B

Nemili_B has a range of guideline values across its streets. The median value is Rs 250 per sq.ft, which is the same as the current guideline value for Soma Nagar. Other streets in Nemili_B include:

• Sowbagiya Co-operative Nagar: Rs 300 per sq.ft (2024)
• Sri Balaji Nagar: Rs 200 per sq.ft (2024)
• Sri Devi Nagar: Rs 200 per sq.ft (2024)
• Sri Kamacthi Nagar: Rs 250 per sq.ft (2024)
• Senthil Nagar: Rs 300 per sq.ft (2024)
• Sri Kamatchi Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Soma Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty is charged at 7%, which totals Rs 17,500, and the registration fee is 2%, amounting to Rs 5,000. Together, the total cost for stamp duty and registration fee is Rs 22,500. 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 Soma Nagar?

The Sub Registrar Office that covers Soma 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 Nemili_B

The guideline value plays a crucial role in the registration process when buying or selling property in Nemili_B. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on this value.

When a property is sold, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of Soma Nagar?

The current guideline value of Soma Nagar is Rs 250 per sq.ft as per the 2024 revision effective from 1 July 2024.

How much has the guideline value changed recently?

Recently, the guideline value decreased from Rs 300 per sq.ft in 2023 to Rs 250 per sq.ft in 2024, reflecting a 17% reduction.

What are the other guideline values in Nemili_B?

In Nemili_B, the guideline values range from Rs 150 to Rs 1,500 per sq.ft, with the median value being Rs 250 per sq.ft, which is also the current value for Soma Nagar.

What fees are associated with buying property in Soma Nagar?

When buying property in Soma Nagar, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Soma Nagar located?

The Sub Registrar Office for Soma Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.