Guideline Value for Somanathapuram 2nd Street

Somanathapuram 2nd Street guideline value

The current guideline value of Somanathapuram 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Somanathapuram 2nd Street has changed

Over the years, the guideline value of Somanathapuram 2nd Street has seen several revisions. The earliest recorded figure is from 2007, which was Rs 1,000 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, representing a 150% rise. However, the value decreased to Rs 1,675 per sq.ft in 2017, marking a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, reflecting a 61% increase from the 2017 figure. Overall, from 2007 to 2024, the guideline value has increased by 170%.

The register has no figures for the years 2023, 2003, and 2002 for this street. Therefore, the changes between these years are not available.

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. The median value for these streets is Rs 3,300 per sq.ft, indicating that Somanathapuram 2nd Street's 2024 figure is below this median.

• Somanathapuram 1st 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 2nd 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. Therefore, the total cost for stamp duty and registration fee together would be 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.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somanathapuram 2nd Street?

The Sub Registrar Office covering Somanathapuram 2nd Street is 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 when registering 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 stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property, which is essential for both buyers and sellers. It is important to be aware of the current guideline value to make informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Somanathapuram 2nd Street?

The current guideline value of Somanathapuram 2nd Street is Rs 2,700 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 2,700 per sq.ft in 2024, showing an overall increase of 170% over the years.

What is the land classification for Somanathapuram 2nd Street?

Somanathapuram 2nd Street is classified as Residential Class II Type - I.

Which Sub Registrar Office is responsible for Somanathapuram 2nd Street?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, is responsible for Somanathapuram 2nd Street.

What is the stamp duty rate for properties in Somanathapuram 2nd Street?

The stamp duty rate for properties in Somanathapuram 2nd Street is 7% of the guideline value or the sale price, whichever is higher.