Guideline Value for Somasundar Bharathy Nagar 1st Street

Somasundar Bharathy Nagar 1st Street guideline value

The current guideline value of Somasundar Bharathy Nagar 1st Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO, classified as Residential Class III Type - II.

How the guideline value of Somasundar Bharathy Nagar 1st Street has changed

The guideline value for Somasundar Bharathy Nagar 1st Street has undergone several revisions over the years. In 2007, the guideline value was Rs 1,210 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, this value dropped to Rs 3,015 per sq.ft in 2017. The value then rose sharply to Rs 4,500 per sq.ft in 2023, before reaching the current rate of Rs 4,900 per sq.ft in 2024.

Between the revisions, there were notable changes. From 2007 to 2012, the guideline value increased by 272%. However, it decreased by 33% from 2012 to 2017. The value then saw a substantial increase of 49% from 2017 to 2023, and a further rise of 9% from 2023 to 2024. The overall change from 2007 to 2024 reflects an increase of 305%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, which aligns with the current guideline value of Somasundar Bharathy Nagar 1st Street.

• Somasundar Bharathy Nagar 2nd Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 3rd Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 4th Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 5th Street: Rs 4,900 per sq.ft (2024)
• Soundara Pandian Salai: Rs 8,800 per sq.ft (2024)
• South Side 60 Feet Road: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundar Bharathy Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. It is important to note that 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 Somasundar Bharathy Nagar 1st Street?

The Sub Registrar Office that covers Somasundar Bharathy Nagar 1st Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Kodambakkam. It serves as a reference point for calculating the stamp duty and registration fees, ensuring that the transaction is recorded at a value recognized by the government.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the actual sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Somasundar Bharathy Nagar 1st Street?

The current guideline value of Somasundar Bharathy Nagar 1st Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,210 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 305% over the years.

What is the registration office for Somasundar Bharathy Nagar 1st Street?

The registration office for Somasundar Bharathy Nagar 1st Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Kodambakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 49,00,000, the stamp duty would be calculated at 7% of that amount.

What are the other streets in Kodambakkam with the same guideline value?

Other streets in Kodambakkam with a guideline value of Rs 4,900 per sq.ft include Somasundar Bharathy Nagar 2nd, 3rd, 4th, and 5th Streets, as well as South Side 60 Feet Road.