Guideline Value for Soma Ramasamy 2nd Street

Soma Ramasamy 2nd Street guideline value

The current guideline value of Soma Ramasamy 2nd Street in Siruvallur village, under the Sembiam SRO, is Rs 1,900 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 Soma Ramasamy 2nd Street has changed

Over the years, the guideline value of Soma Ramasamy 2nd Street has undergone several revisions. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 1,800 per sq.ft in 2012. However, there was a decrease to Rs 1,206 per sq.ft in the 2017 revision. The value then rose to Rs 1,800 per sq.ft in 2023, followed by the latest revision in 2024, which established the current value at Rs 1,900 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 reflects a 6% increase. Notably, the overall increase from the 2007 revision to the 2024 revision is 90%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Siruvallur

In Siruvallur, there are 86 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 6,600 per sq.ft, with a median value of Rs 1,900 per sq.ft. The guideline value of Soma Ramasamy 2nd Street aligns with this median.

• Soma Ramasamy 1st Street: Rs 1,900 per sq.ft (2024)
• Soma Ramasamy Main Road: Rs 1,900 per sq.ft (2024)
• Soma Ramaswamy 1st Lane: Rs 1,600 per sq.ft (2024)
• Soma Ramaswamy 2nd Lane: Rs 1,600 per sq.ft (2024)
• Soma Ramaswamy 3rd Lane: Rs 2,700 per sq.ft (2024)
• Sivagami Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Soma Ramasamy 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 1,900 per sq.ft, the guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, totaling Rs 1,71,000. 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 Soma Ramasamy 2nd Street?

The Soma Ramasamy 2nd Street is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Siruvallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, thus influencing the overall financial commitment involved in the transaction.

Frequently asked questions

What is the current guideline value of Soma Ramasamy 2nd Street?

The current guideline value of Soma Ramasamy 2nd Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 1,000 per sq.ft in 2007, increasing to Rs 1,800 per sq.ft in 2012, then decreasing to Rs 1,206 per sq.ft in 2017, rising again to Rs 1,800 per sq.ft in 2023, and finally reaching Rs 1,900 per sq.ft in 2024.

What is the land classification of Soma Ramasamy 2nd Street?

Soma Ramasamy 2nd Street is classified under Residential Class III Type - I.

What are the other streets in Siruvallur with similar guideline values?

Other streets in Siruvallur include Soma Ramasamy 1st Street and Soma Ramasamy Main Road, both with a guideline value of Rs 1,900 per sq.ft in 2024.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Soma Ramasamy 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.