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_B village under the Sriperumpudur SRO, classified as Commercial Class I Type - I.

How the guideline value of Somangalam Main Road has changed

The guideline value for Somangalam Main Road has undergone several revisions over the years. The 2017 revision set the value at Rs 335 per sq.ft, which remained unchanged in the 2023 revision, still at Rs 500 per sq.ft. The latest revision in 2024 also maintains the guideline value at Rs 500 per sq.ft, indicating no change from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, there was a significant increase of 49%. Overall, from 2017 to 2024, the guideline value has increased by 49%, reflecting the same value of Rs 500 per sq.ft in both the 2023 and 2024 revisions.

Guideline values in Somangalam_B

In Somangalam_B village, there are 79 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 2,500 per sq.ft. The median value for these streets is Rs 250 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 amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. 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 detailed calculations.

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_B

The guideline value is a crucial factor in the registration process when buying or selling property in Somangalam_B. It determines the amount of stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to be aware of the current guideline value as it influences the overall cost of the transaction. Buyers and sellers should ensure that they are informed of the latest values to avoid any 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 2023 to 2024. It increased by 49% from Rs 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023 and 2024.

What are the other streets in Somangalam_B and their guideline values?

Other streets in Somangalam_B have varying guideline values ranging from Rs 150 to Rs 400 per sq.ft. For example, Sky Avenue has a value of Rs 150 per sq.ft, while Sri Gayathiri Doctor's Nest is valued at Rs 400 per sq.ft.

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

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Somangalam Main Road?

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