Guideline Value for Soma Ramaswamy 1st Lane

Soma Ramaswamy 1st Lane guideline value

The current guideline value of Soma Ramaswamy 1st Lane is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Siruvallur village under the Sembiam Sub Registrar Office (SRO), classified as Residential Class IV Type - I.

How the guideline value of Soma Ramaswamy 1st Lane has changed

The guideline value for Soma Ramaswamy 1st Lane has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 1,000 per sq.ft. In 2012, it increased to Rs 1,500 per sq.ft, but then saw a decrease to Rs 1,005 per sq.ft in 2017. The 2023 revision raised it to Rs 1,500 per sq.ft, and the most recent 2024 revision set it at Rs 1,600 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

Between the revisions, the guideline value changed as follows: from 2007 to 2012, it increased by 50%; from 2012 to 2017, it decreased by 33%; from 2017 to 2023, it increased by 49%; and finally, from 2023 to 2024, it increased by 7%. Overall, from 2007 to 2024, the guideline value has risen by 60%.

Guideline values in Siruvallur

In Siruvallur, there are 86 streets under the Sembiam SRO with 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 Ramaswamy 1st Lane is below this median.

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

Stamp duty and registration fee for property in Soma Ramaswamy 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. 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 Soma Ramaswamy 1st Lane?

The Sub Registrar Office that covers Soma Ramaswamy 1st Lane is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Siruvallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties agree on a fair transaction price. It is important for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Soma Ramaswamy 1st Lane?

The current guideline value of Soma Ramaswamy 1st Lane is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, showing an overall increase of 60% over the years.

What is the stamp duty for property in Soma Ramaswamy 1st Lane?

The stamp duty for property in Soma Ramaswamy 1st Lane is 7% of the guideline value or sale price, whichever is higher. For a plot valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000.

Which office handles property registrations for Soma Ramaswamy 1st Lane?

The Sembiam Sub Registrar Office handles property registrations for Soma Ramaswamy 1st Lane, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What are the other streets with guideline values in Siruvallur?

Other streets in Siruvallur include Soma Ramasamy Main Road at Rs 1,900 per sq.ft, Soma Ramaswamy 2nd Lane at Rs 1,600 per sq.ft, and Soma Ramaswamy 3rd Lane at Rs 2,700 per sq.ft, among others.