Guideline Value for Somaiah Raja Street, Chennai 82

Somaiah Raja Street, Chennai 82 guideline value

The current guideline value of Somaiah Raja Street, Chennai 82 is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Ayanavaram village under the AnnaNagar SRO and is classified as Residential Class I Type - II.

How the guideline value of Somaiah Raja Street, Chennai 82 has changed

The guideline value for Somaiah Raja Street has undergone several revisions over the years. In 2007, the value was Rs 1,200 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, it then decreased to Rs 3,350 per sq.ft in 2017. The value saw a substantial increase of 49% to Rs 5,000 per sq.ft in 2023, and it has now risen by 10% to the current value of Rs 5,500 per sq.ft in 2024. 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 358%. The fluctuations in the guideline value reflect changes in the real estate landscape, with notable increases in certain periods, particularly from 2007 to 2012, where the value surged by 317%.

Guideline values in Ayanavaram

Ayanavaram has a total of 369 streets under the AnnaNagar SRO, with guideline values ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Somaiah Raja Street’s current value above this median.

• Solai Street: Rs 4,900 per sq.ft (2024)
• Somasundara Devar 2nd Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 3rd Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 4th Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 5th Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 6th Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Somaiah Raja Street, Chennai 82

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somaiah Raja Street, Chennai 82?

The Sub Registrar Office that covers Somaiah Raja Street is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Ayanavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state collects adequate revenue through stamp duty and registration fees.

When buyers or sellers engage in a property transaction, the guideline value is used to calculate the applicable stamp duty and registration fees. This value is essential for both parties to understand the financial obligations involved in the registration process.

Frequently asked questions

What is the current guideline value of Somaiah Raja Street?

The current guideline value of Somaiah Raja Street, Chennai 82 is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 358% over the years.

What is the land classification of Somaiah Raja Street?

Somaiah Raja Street is classified as Residential Class I Type - II under the AnnaNagar SRO.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property worth Rs 55,00,000, the total fees would amount to Rs 4,95,000.

Where is the Sub Registrar Office located for Somaiah Raja Street?

The Sub Registrar Office for Somaiah Raja Street is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.