Guideline Value for Somasundara Devar 5th Street

Somasundara Devar 5th Street guideline value

The current guideline value of Somasundara Devar 5th Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Ayanavaram village and falls under the AnnaNagar SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Somasundara Devar 5th Street has changed

Since the 2002 revision, the guideline value for Somasundara Devar 5th Street has seen significant changes. The value started at Rs 504 per sq.ft in 2002, and by 2007, it rose to Rs 2,400 per sq.ft, marking an increase of 376%. The guideline value then increased to Rs 5,000 per sq.ft in 2012, reflecting a growth of 108%. However, it decreased to Rs 3,350 per sq.ft in 2017, a drop of 33%. The value climbed to Rs 5,000 per sq.ft in 2023, before reaching the current value of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 991%.

Guideline values in Ayanavaram

Ayanavaram has a total of 369 streets under the AnnaNagar SRO that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Somasundara Devar 5th Street's 2024 value above this median.

• Somasundara Devar 4th Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 6th Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 3rd Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar Ist Street: Rs 5,500 per sq.ft (2024)
• Somasundara Devar 2nd 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 5th 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, bringing the total fees to Rs 4,95,000. It is important to note that the 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 Somasundara Devar 5th Street?

The Sub Registrar Office that covers Somasundara Devar 5th Street is 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 crucial factor during the registration of property transactions in Ayanavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of Somasundara Devar 5th Street?

The current guideline value of Somasundara Devar 5th 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 504 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 991% over this period.

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

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office handles registrations for Somasundara Devar 5th Street?

The AnnaNagar Sub Registrar Office is responsible for handling registrations for Somasundara Devar 5th Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Somasundara Devar 5th Street?

The land classification for Somasundara Devar 5th Street is Residential Class I Type - II, indicating its suitability for residential purposes.