Guideline Value for Somangalam Main Road

Somangalam Main Road guideline value

The current guideline value of Somangalam Main Road is Rs 500 per sq.ft, effective from 1 July 2024. This road is located in Somangalam village, under the Sriperumpudur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Somangalam Main Road has changed

In the 2012 revision, the guideline value was set at Rs 500 per sq.ft. This remained unchanged in the 2017 revision, where it was Rs 335 per sq.ft, reflecting a decrease of 33%. The value then increased significantly by 49% to Rs 500 per sq.ft in the 2023 revision, and it has remained the same in the 2024 revision, showing no change from the previous year.

The register has no figures for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has seen no change.

Guideline values in Somangalam

Somangalam village has a total of 86 streets under the Sriperumpudur SRO, with guideline values ranging from Rs 150 to Rs 800 per sq.ft as of 2024. The median value across these streets is Rs 350 per sq.ft, placing Somangalam Main Road's 2024 figure above this median.

• Sky Avenue: Rs 150 per sq.ft (2024)
• Sivam Nagar: Rs 200 per sq.ft (2024)
• Sri Amman Garden: Rs 250 per sq.ft (2024)
• Sri City: Rs 350 per sq.ft (2024)
• Sri Ganapathi Nagar: Rs 200 per sq.ft (2024)
• Sri Gayathiri Doctor's Nest: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Somangalam Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty charged at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, making the total cost for these fees Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somangalam Main Road?

The Somangalam Main Road is covered by the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Somangalam. It serves as the basis for calculating the stamp duty and registration fees that buyers must pay when acquiring property.

When selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Somangalam Main Road?

The current guideline value of Somangalam Main Road is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft from 2012 to 2024, with a decrease to Rs 335 per sq.ft in 2017, and an increase of 49% to Rs 500 per sq.ft in 2023.

What is the land classification for Somangalam Main Road?

Somangalam Main Road is classified as Commercial Class I Type - I, which indicates the type of development and usage permitted in this area.

What are the stamp duty and registration fees for properties on Somangalam Main Road?

For a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 45,000, including stamp duty and registration fees.

Where can I find the Sub Registrar Office for Somangalam Main Road?

The Sub Registrar Office covering Somangalam Main Road is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.