Guideline Value for Somu Street

Somu Street guideline value

The current guideline value of Somu Street in Triplicane village is Rs 7,700 per sq.ft, effective from 1 July 2024. This street falls under the Triplicane Sub Registrar Office (SRO) and is classified as Mixed Type - II land.

How the guideline value of Somu Street has changed

The guideline value for Somu Street has seen several revisions over the years. In 2007, the value was Rs 945 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012. However, this value dropped to Rs 4,690 per sq.ft in 2017. The 2023 revision set the value at Rs 7,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 7,700 per sq.ft, marking a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 715%. The changes between the revisions are notable: from 2007 to 2012, there was a substantial increase of 641%, followed by a decrease of 33% from 2012 to 2017. The value then surged by 49% from 2017 to 2023, and finally, a 10% increase from 2023 to 2024 brought the current value to Rs 7,700 per sq.ft.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO, with guideline values ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value is Rs 6,600 per sq.ft, placing Somu Street's 2024 figure above that median.

• South Kulakkarai Street: Rs 6,600 per sq.ft (2024)
• South Mada Street: Rs 6,600 per sq.ft (2024)
• Smith Street: Rs 13,200 per sq.ft (2024)
• Siyali Koil Street: Rs 6,600 per sq.ft (2024)
• Siyali Koil Lane: Rs 6,600 per sq.ft (2024)
• Sivaraman Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Somu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Somu Street?

Somu Street is covered by the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Triplicane. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Somu Street?

The current guideline value of Somu Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 945 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, marking an overall increase of 715% over the years.

What is the land classification of Somu Street?

Somu Street is classified as Mixed Type - II land under the Triplicane SRO.

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

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office covers Somu Street?

Somu Street is covered by the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.