Guideline Value for Somasundaram Avenue 1st Street

Somasundaram Avenue 1st Street guideline value

The current guideline value of Somasundaram Avenue 1st Street is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Porur village, under the Kunrathur SRO, and is classified as Residential Special Type - II.

How the guideline value of Somasundaram Avenue 1st Street has changed

The guideline value for Somasundaram Avenue 1st Street has undergone several revisions over the years. The earliest available figure is from 2012, where the value was Rs 3,200 per sq.ft. This figure remained the same in the 2012 revision but decreased to Rs 2,144 per sq.ft in 2017. Following this, the value saw a significant increase to Rs 3,200 per sq.ft in the 2023 revision, and then it rose again to Rs 3,520 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In summary, the guideline value changed from Rs 2,144 per sq.ft in 2017 to Rs 3,520 per sq.ft in 2024, reflecting an overall increase of 10% from the 2012 figure. It is important to note that there are no available figures for the years 2002, 2003, and 2007 for this street in the register.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,860 to Rs 6,380 per sq.ft, with a median value of Rs 3,960 per sq.ft. The guideline value of Somasundaram Avenue 1st Street is below this median.

• Somasundaram Avenue: Rs 3,520 per sq.ft (2024)
• Somasundaram Avenue 2nd Street: Rs 3,520 per sq.ft (2024)
• Somasundaram Avenue 3rd Street: Rs 3,520 per sq.ft (2024)
• Somasundaram Avenue 4th Street: Rs 3,520 per sq.ft (2024)
• Somasundaram Avenue 5th Street: Rs 3,520 per sq.ft (2024)
• Somasundaram Avenue 6th Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundaram Avenue 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value would be Rs 35,20,000. The stamp duty at 7% would amount to Rs 2,46,400, while the registration fee at 2% would be Rs 70,400, bringing the total cost to Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Somasundaram Avenue 1st Street?

The Sub Registrar Office that covers Somasundaram Avenue 1st Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Porur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Somasundaram Avenue 1st Street?

The current guideline value of Somasundaram Avenue 1st Street is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,200 per sq.ft in 2023 to Rs 3,520 per sq.ft in 2024, representing a 10% increase. It was Rs 2,144 per sq.ft in 2017, which shows a significant rise over the years.

What is the land classification for Somasundaram Avenue 1st Street?

Somasundaram Avenue 1st Street is classified as Residential Special Type - II. This classification is important for understanding the zoning and permissible uses of the land.

Where can I find the registration office for properties in this area?

The registration office that covers Somasundaram Avenue 1st Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for properties in Porur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 35,20,000 would incur a stamp duty of Rs 2,46,400 at 7%.