Guideline Value for Soni Nagar

Soni Nagar guideline value

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

How the guideline value of Soni Nagar has changed

The guideline value for Soni Nagar has seen significant changes over the years. In 2002, the value was Rs 343 per sq.ft, which increased to Rs 385 per sq.ft in 2003, marking a rise of 12%. By 2007, the value jumped to Rs 1,500 per sq.ft, representing a substantial increase of 290%. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, reflecting a 157% increase from 2007. The register has no figures for the years 2012, 2017, and 2023.

Overall, from 2002 to 2024, the guideline value has increased by 1022%, showcasing a remarkable growth trajectory. This change highlights the evolving nature of property values in the 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's 2024 figure of Rs 3,850 per sq.ft is below this median.

• Soni Nagar 1st Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. Please note that 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 details.

Which Sub Registrar Office covers Soni Nagar?

Soni Nagar falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Velachery. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is registered at a fair value.

When engaging in property transactions, it is essential to be aware of the current guideline value, as it directly impacts the overall cost of registration. Buyers and sellers should consult the latest figures to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Soni Nagar?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 343 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1022%.

What are the guideline values of other streets in Velachery?

Other streets in Velachery have varying guideline values, with Soni Nagar's value being Rs 3,850 per sq.ft, while other streets like SPIC Nagar, Sivasakthi Street, and Sri Devi Nagar have a value of Rs 4,400 per sq.ft.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated in Soni Nagar?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. These fees are based on the higher of the guideline value or the sale price.