Guideline Value for Somu Nagar

Somu Nagar guideline value

The current guideline value of Somu Nagar, located in Hastinapuram village under the Pallavaram SRO, is Rs 3,300 per sq.ft. This value is effective from 1 July 2024 and is classified as Commercial Class I Type - II.

How the guideline value of Somu Nagar has changed

The guideline value for Somu Nagar has seen several revisions over the years. Starting from the 2007 revision, the guideline value was Rs 400 per sq.ft. In the following revision in 2012, it increased significantly to Rs 3,000 per sq.ft, marking a 650% rise. However, in 2017, the value dropped to Rs 2,010 per sq.ft, a decrease of 33%. The 2023 revision saw a substantial increase to Rs 3,000 per sq.ft, followed by the most recent 2024 revision, which set the value at Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

In summary, the guideline value has increased from Rs 400 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, an overall increase of 725%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Hastinapuram

Hastinapuram comprises 277 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,650 to Rs 4,400 per sq.ft as of 2024. The median guideline value in this area is Rs 2,970 per sq.ft, placing Somu Nagar's 2024 value above this median.

• South Mosque Street: Rs 1,650 per sq.ft (2024)
• Sivagamiammal Colony 2nd M. Road: Rs 2,970 per sq.ft (2024)
• Sivagamiammal Colony 2nd Cross St.: Rs 2,970 per sq.ft (2024)
• Sivagamiammal Colony 1st M. Road: Rs 2,970 per sq.ft (2024)
• Sivagamiammal Colony 1st Cross St.: Rs 2,970 per sq.ft (2024)
• Sivagamiammal Colony: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Somu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, calculated at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Therefore, the total amount payable for stamp duty and registration fees would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Somu Nagar?

Somu Nagar falls under the jurisdiction of the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To locate your specific SRO, you can find your SRO.

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

The guideline value is a critical factor during property registration in Hastinapuram. It serves as a reference point for determining the stamp duty and registration fees applicable to a property transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable fees, which are based on either the guideline value or the actual sale price, whichever is higher. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Somu Nagar?

The current guideline value of Somu Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 725% over these years.

What is the land classification for Somu Nagar?

Somu Nagar is classified as Commercial Class I Type - II, which indicates its suitability for commercial activities.

What are the stamp duty and registration fees for a property in Somu Nagar?

For a property valued at Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Somu Nagar?

The Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, is responsible for property registrations in Somu Nagar.