Guideline Value for Somasundara Devar 2nd Street

Somasundara Devar 2nd Street guideline value

The current guideline value of Somasundara Devar 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Ayanavaram village under the AnnaNagar SRO, classified as Residential Class I Type - II.

How the guideline value of Somasundara Devar 2nd Street has changed

The guideline value has undergone several revisions since 2002. The figures are as follows: in 2002, the value was Rs 501 per sq.ft, which increased to Rs 2,400 per sq.ft in 2007. Following that, the value rose to Rs 5,000 per sq.ft in 2012, then decreased to Rs 3,350 per sq.ft in 2017. The most recent revisions show the value at Rs 5,000 per sq.ft in 2023, and it has now increased to Rs 5,500 per sq.ft in 2024, marking a 10% rise from the previous year.

Notably, there is no figure for Somasundara Devar 2nd Street in the 2003 revision. Overall, from 2002 to 2024, the guideline value has increased by 998%, reflecting significant changes over the years.

Guideline values in Ayanavaram

Ayanavaram has 369 streets under the AnnaNagar SRO, with guideline values ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median value is Rs 4,900 per sq.ft, placing Somasundara Devar 2nd Street's 2024 figure above this median.

• Somasundara Devar 3rd Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 4th Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 5th Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 6th Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar Ist Street: Rs 5,500 per sq.ft (2024)
• Soma Sundaram Mudali 2nd Street, Chennai 82: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundara Devar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Somasundara Devar 2nd Street?

The Somasundara Devar 2nd Street is covered by the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Ayanavaram. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated during the sale or purchase of property.

When buyers and sellers engage in a property transaction, the guideline value ensures that the government receives the appropriate taxes based on the property's assessed value. This process helps maintain transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Somasundara Devar 2nd Street?

The current guideline value of Somasundara Devar 2nd Street is Rs 5,500 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 501 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 998% over the years.

What are the other streets with the same guideline value?

Other streets in Ayanavaram that share the same guideline value of Rs 5,500 per sq.ft in 2024 include Somasundara Devar 3rd Street, 4th Street, 5th Street, 6th Street, Ist Street, and Soma Sundaram Mudali 2nd Street, Chennai 82.

Where can I find the registration office for Somasundara Devar 2nd Street?

The registration office covering Somasundara Devar 2nd Street is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the stamp duty for property transactions in Somasundara Devar 2nd Street?

The stamp duty for property transactions in Somasundara Devar 2nd Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a stamp duty of Rs 3,85,000 based on the current guideline value.