Guideline Value for Somasundar Bharathy Nagar 5th Street

Somasundar Bharathy Nagar 5th Street guideline value

The current guideline value of Somasundar Bharathy Nagar 5th Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - II.

How the guideline value of Somasundar Bharathy Nagar 5th Street has changed

The guideline value for Somasundar Bharathy Nagar 5th Street has seen several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 1,210 per sq.ft. This figure increased significantly to Rs 4,500 per sq.ft in 2012, marking a 272% rise. However, the value dropped to Rs 3,015 per sq.ft in 2017, reflecting a decrease of 33%. The value then rose again to Rs 4,500 per sq.ft in 2023, before reaching the current value of Rs 4,900 per sq.ft in 2024, which is a 9% increase from the previous year.

From 2017 to 2023, the increase was substantial, at 49%. Overall, from the initial value in 2007 to the current value in 2024, there has been a remarkable increase of 305%. It is important to note that the guideline register does not have 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 guideline value for these streets is Rs 4,900 per sq.ft, which is equal to the current guideline value of Somasundar Bharathy Nagar 5th Street.

• Somasundar Bharathy Nagar 4th Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 3rd Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 2nd Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 1st 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 5th 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, while the registration fee at 2% would be Rs 98,000. Together, the total cost for stamp duty and registration fee would be Rs 4,41,000. 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 details.

Which Sub Registrar Office covers Somasundar Bharathy Nagar 5th Street?

The Somasundar Bharathy Nagar 5th Street falls under the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers must pay these fees based on the guideline value or the sale price, whichever is higher, ensuring that the government receives its due revenue from property transactions.

When a property is sold, the guideline value helps in establishing a transparent framework for assessing the property's worth. This not only aids buyers and sellers in understanding the financial implications of their transactions but also helps in maintaining uniformity in property registrations across the region.

Frequently asked questions

What is the current guideline value of Somasundar Bharathy Nagar 5th Street?

The current guideline value of Somasundar Bharathy Nagar 5th 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 increased from Rs 1,210 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, marking an overall increase of 305% over the years.

What is the land classification for Somasundar Bharathy Nagar 5th Street?

The land classification for Somasundar Bharathy Nagar 5th Street is Residential Class III Type - II.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which Sub Registrar Office covers this street?

The Ashok Nagar Sub Registrar Office covers Somasundar Bharathy Nagar 5th Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.