Guideline Value for Somu Gramani Street

Somu Gramani Street guideline value

The current guideline value of Somu Gramani Street, located in Sembiam village under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Somu Gramani Street has changed

Over the years, the guideline value for Somu Gramani Street has seen significant changes. The earliest recorded figure in the register is from 2002, with a value of Rs 319 per sq.ft. This value increased to Rs 346 per sq.ft in 2003, marking an 8% rise. The subsequent revisions show a substantial increase, with the 2007 revision setting the value at Rs 700 per sq.ft, reflecting a 102% increase from 2003. The value then surged to Rs 2,500 per sq.ft in 2012, which was a 257% increase from the previous revision. However, it dropped to Rs 1,675 per sq.ft in 2017, representing a decrease of 33%.

In 2023, the guideline value rose again to Rs 2,500 per sq.ft, and in the latest revision for 2024, it has increased to Rs 2,700 per sq.ft, which is an 8% increase. Overall, from 2002 to 2024, the guideline value has increased by 746%.

Guideline values in Sembiam

In Sembiam village, there are 250 streets under the Sembiam SRO, with guideline values ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, which is equal to the current guideline value of Somu Gramani Street. Below are some of the other streets in Sembiam:

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty, charged at 7%, would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000. Therefore, the total cost for stamp duty and registration would be 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 Somu Gramani Street?

The Sub Registrar Office that covers Somu Gramani Street is 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 is an important factor during the registration of property transactions in Sembiam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Somu Gramani Street?

The current guideline value of Somu Gramani Street 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 319 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 746% over the years.

What is the land classification for Somu Gramani Street?

Somu Gramani Street is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for properties in Somu Gramani Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Where is the Sub Registrar Office for Somu Gramani Street located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.