Guideline Value for Soni Nagar 1st Street

Soni Nagar 1st Street guideline value

The current guideline value of Soni Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Soni Nagar 1st Street has changed

In the 2007 revision, the guideline value was set at Rs 1,500 per sq.ft. This figure remained until the 2024 revision, which saw a significant increase to Rs 3,850 per sq.ft, marking a change of +157% over the period. The register has no figures for the years 2023, 2017, 2012, 2003, and 2002 for this street.

From 2007 to 2024, the guideline value experienced a substantial increase, reflecting changes in the real estate landscape. The current value of Rs 3,850 per sq.ft is a notable rise from the earlier figure, indicating a shift in the valuation of properties in this area.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Soni Nagar 1st Street's 2024 figure is below this median.

• Soni Nagar: Rs 3,850 per sq.ft (2024)
• Soni Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Soni Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• SPIC Nagar: Rs 4,400 per sq.ft (2024)
• Sivasakthi Street: Rs 4,400 per sq.ft (2024)
• Sri Devi Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Soni Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. 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 more detailed calculations.

Which Sub Registrar Office covers Soni Nagar 1st Street?

The Soni Nagar 1st Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial aspect during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions reflect the true worth of the property.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Soni Nagar 1st Street?

The current guideline value of Soni Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased from Rs 1,500 per sq.ft to Rs 3,850 per sq.ft in 2024, which is a total change of +157%.

Are there any years with no guideline value figures for Soni Nagar 1st Street?

Yes, the register has no figures for the years 2023, 2017, 2012, 2003, and 2002 for Soni Nagar 1st Street.

What are the stamp duty rates for properties in Soni Nagar 1st Street?

The stamp duty for properties in Soni Nagar 1st Street is charged at 7% of the guideline value or sale price, whichever is higher.

Which office handles property registrations for Soni Nagar 1st Street?

The Velacheri Sub Registrar Office handles property registrations for Soni Nagar 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.