Guideline Value for Somanathapuram 3rd Street

Somanathapuram 3rd Street guideline value

The current guideline value of Somanathapuram 3rd 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 3rd Street has changed

The guideline value of Somanathapuram 3rd Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a 150% rise. However, this value dropped by 33% to Rs 1,675 per sq.ft in 2017. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, reflecting an increase of 61% from the 2017 figure.

It is important to note that there are no figures available for the revisions in 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. The median value is Rs 3,300 per sq.ft, indicating that Somanathapuram 3rd Street's 2024 figure is below this median.

• Somanathapuram 2nd Street: Rs 2,700 per sq.ft (2024)
• Somanathapuram 1st 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 3rd 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 fees to Rs 2,43,000. Please 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 details.

Which Sub Registrar Office covers Somanathapuram 3rd Street?

The Somanathapuram 3rd Street falls under the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid at the time of registration.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Somanathapuram 3rd Street?

The current guideline value of Somanathapuram 3rd 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, marking an overall increase of 170% over the years.

What is the land classification of Somanathapuram 3rd Street?

The land classification for Somanathapuram 3rd Street is Residential Class II Type - I.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Somanathapuram 3rd Street?

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