Guideline Value for Somasundara Vinayagar Koil Street 3rd Lane

Somasundara Vinayagar Koil Street 3rd Lane guideline value

The current guideline value of Somasundara Vinayagar Koil Street 3rd Lane is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Somasundara Vinayagar Koil Street 3rd Lane has changed

The guideline value for Somasundara Vinayagar Koil Street 3rd Lane has seen significant changes over the years. In 2007, the guideline value was Rs 700 per sq.ft, which increased dramatically to Rs 2,500 per sq.ft in 2012, marking a 257% rise. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. The value then rose to Rs 2,500 per sq.ft in 2023, which represented a 49% increase from the previous revision. The latest revision in 2024 set the guideline value at Rs 2,700 per sq.ft, reflecting an 8% increase from 2023.

It is important to note that the register has no figures for this street in 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 286%.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which is equal to the 2024 figure for Somasundara Vinayagar Koil Street 3rd Lane.

• Somasundara Vinayagar Koil Street 2nd Lane: Rs 2,700 per sq.ft (2024)
• Soma Sundara Vinayagar Koil Street (Melpattadai): Rs 3,500 per sq.ft (2024)
• Somasundara Vinayagar Koil Street 1st Lane: Rs 2,700 per sq.ft (2024)
• Somu Gramani Street: Rs 2,700 per sq.ft (2024)
• Sivaprakasam Street: Rs 2,200 per sq.ft (2024)
• Sivapatham Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundara Vinayagar Koil Street 3rd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somasundara Vinayagar Koil Street 3rd Lane?

The Somasundara Vinayagar Koil Street 3rd Lane falls under the jurisdiction of the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Sembiam. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, which are essential for the legal transfer of ownership.

It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations and to accurately calculate the costs associated with property transactions.

Frequently asked questions

What is the current guideline value of Somasundara Vinayagar Koil Street 3rd Lane?

The current guideline value of Somasundara Vinayagar Koil Street 3rd Lane is Rs 2,700 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 700 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, marking an overall increase of 286% over the years.

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

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles property registrations for Somasundara Vinayagar Koil Street 3rd Lane?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, handles property registrations for Somasundara Vinayagar Koil Street 3rd Lane.

What is the land classification for this street?

Somasundara Vinayagar Koil Street 3rd Lane is classified as Residential Class I Type - I, indicating its suitability for residential development.