Guideline Value for Soma Ramaswamy 2nd Lane

Soma Ramaswamy 2nd Lane guideline value

The current guideline value of Soma Ramaswamy 2nd 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). The land classification for this area is Residential Class IV Type - I.

How the guideline value of Soma Ramaswamy 2nd Lane has changed

The guideline value of Soma Ramaswamy 2nd Lane has undergone several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased to Rs 1,500 per sq.ft in 2012. However, there was a decrease to Rs 1,005 per sq.ft in 2017. The value then rose significantly to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,600 per sq.ft as of the 2024 revision. Notably, the register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The transition from 2012 to 2017 saw a decrease of 33%, while there was a 50% increase from 2007 to 2012. Overall, from 2007 to 2024, the guideline value has increased by 60%.

Guideline values in Siruvallur

In Siruvallur, there are 86 streets under the Sembiam SRO that have 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 2nd Lane is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Soma Ramaswamy 2nd Lane?

The Soma Ramaswamy 2nd Lane is covered by 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 plays a crucial role in the registration process of property transactions in Siruvallur. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the higher of the guideline value or the sale price is considered for calculating the stamp duty. This ensures that the registration fees are aligned with the official valuation of the property.

Frequently asked questions

What is the current guideline value of Soma Ramaswamy 2nd Lane?

The current guideline value of Soma Ramaswamy 2nd 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, reflecting an overall increase of 60% over this period.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would be Rs 1,44,000.

Which Sub Registrar Office covers this street?

The Sembiam Sub Registrar Office covers Soma Ramaswamy 2nd Lane, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What other streets have guideline values in Siruvallur?

Other streets in Siruvallur include Soma Ramaswamy 1st Lane, Soma Ramaswamy 3rd Lane, and several others, with guideline values ranging from Rs 1,600 to Rs 2,700 per sq.ft in 2024.