Guideline Value for Somasundar Bharathy Nagar 3rd Street

Somasundar Bharathy Nagar 3rd Street guideline value

The current guideline value of Somasundar Bharathy Nagar 3rd Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Somasundar Bharathy Nagar 3rd Street has changed

Over the years, the guideline value for Somasundar Bharathy Nagar 3rd Street has seen significant changes. In 2007, the value was Rs 1,210 per sq.ft, which increased to Rs 4,500 per sq.ft in 2012, marking a substantial rise of 272%. However, from 2012 to 2017, the value decreased to Rs 3,015 per sq.ft, reflecting a decline of 33%. The value then increased sharply to Rs 4,500 per sq.ft in 2023, a rise of 49%. As of 2024, the guideline value stands at Rs 4,900 per sq.ft, which is a 9% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 305%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, which is equal to the current figure for Somasundar Bharathy Nagar 3rd Street.

• Somasundar Bharathy Nagar 2nd Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 4th Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 1st 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 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 4,900 per sq.ft, the guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be 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 the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Somasundar Bharathy Nagar 3rd Street?

The Somasundar Bharathy Nagar 3rd Street is covered by the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the 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 plays a crucial role during the registration of properties in Kodambakkam. It serves as a benchmark for determining the minimum price at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling a property, the guideline value is considered alongside the sale price. The stamp duty is charged on whichever amount is higher, safeguarding the interests of the state in property transactions.

Frequently asked questions

What is the current guideline value of Somasundar Bharathy Nagar 3rd Street?

The current guideline value of Somasundar Bharathy Nagar 3rd 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 significantly from Rs 1,210 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, representing an overall increase of 305% over the years.

What is the land classification for Somasundar Bharathy Nagar 3rd Street?

The land classification for Somasundar Bharathy Nagar 3rd Street is Residential Class III Type - II.

Where can I find the Sub Registrar Office for this street?

The Ashok Nagar Sub Registrar Office covers Somasundar Bharathy Nagar 3rd Street and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in this area?

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 49,00,000, the stamp duty would be Rs 3,43,000 at 7%.