Guideline Value for Somasundaram Street

Somasundaram Street guideline value

The current guideline value of Somasundaram Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Somasundaram Street has changed

Over the years, the guideline value of Somasundaram Street has seen several revisions. The 2024 revision sets the value at Rs 1,320 per sq.ft, which is an increase from the 2023 revision of Rs 1,200 per sq.ft, representing a change of +10%. Prior to that, the 2017 revision was Rs 804 per sq.ft, showing a significant increase of +49% from the 2017 to 2023 period. The 2012 revision also recorded a value of Rs 1,200 per sq.ft, indicating a decrease of -33% when compared to the 2017 figure.

It is important to note that there are no available figures for Somasundaram Street in the revisions from 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, there has been a +10% change in the guideline value.

Guideline values in Chitlapakkam

Chitlapakkam village has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Somasundaram Street's 2024 figure below that median.

• Siththapathy Street: Rs 1,650 per sq.ft (2024)
• Sri Andal Nagar 1st Cross Street: Rs 1,100 per sq.ft (2024)
• Sri Andal Nagar 2nd Cross Street: Rs 1,100 per sq.ft (2024)
• Siddhi Vinayagar Koil Street: Rs 1,650 per sq.ft (2024)
• Shaw Wallas Colony: Rs 2,750 per sq.ft (2024)
• Shaw Wallas avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundaram Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty charged at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Somasundaram Street?

The Sub Registrar Office that covers Somasundaram Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Chitlapakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that are applicable during the registration process.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to avoid any potential disputes during the transaction. The guideline value is regularly updated, reflecting changes in the local real estate market.

Frequently asked questions

What is the current guideline value of Somasundaram Street?

The current guideline value of Somasundaram Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024, a +10% increase. It was Rs 804 per sq.ft in 2017, showing a +49% increase from 2017 to 2023.

What is the land classification for Somasundaram Street?

Somasundaram Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the registration office for Somasundaram Street?

The registration office for Somasundaram Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties on Somasundaram Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 at a rate of 7%.