Guideline Value for Somanathapuram 1st Street

Somanathapuram 1st Street guideline value

The current guideline value of Somanathapuram 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Somanathapuram 1st Street has changed

Over the years, the guideline value for Somanathapuram 1st Street has seen several revisions. The earliest recorded revision was in 2007, where the guideline value was Rs 1,000 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 150%. However, the value dropped to Rs 1,675 per sq.ft in 2017, a decrease of 33%. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, which is an increase of 61% from the previous revision in 2017.

The register has no figures for the years 2023, 2003, and 2002 for this street. Overall, from 2007 to 2024, the guideline value has increased by 170%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Somanathapuram 1st Street is below this median.

• Somanathapuram 2nd Street: Rs 2,700 per sq.ft (2024)
• Somanathapuram 3rd Street: Rs 2,700 per sq.ft (2024)
• S.J. Avenue: Rs 2,700 per sq.ft (2024)
• Sivasakthi Nagar Extension: Rs 3,300 per sq.ft (2024)
• Sivasakthi Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Sivasakthi Nagar 8th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Somanathapuram 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Somanathapuram 1st Street?

The Somanathapuram 1st Street is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential for buyers to be aware of the current guideline value to ensure they are making informed decisions.

Frequently asked questions

What is the current guideline value of Somanathapuram 1st Street?

The current guideline value of Somanathapuram 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,000 per sq.ft to Rs 2,700 per sq.ft in 2024, marking an overall increase of 170% over the years.

What is the land classification for Somanathapuram 1st Street?

Somanathapuram 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Which Sub Registrar Office covers this street?

The Sembiam Sub Registrar Office covers Somanathapuram 1st Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at 7%.