Guideline Value for Sornambigai Nagar

Sornambigai Nagar guideline value

The current guideline value of Sornambigai Nagar, located in Chettimedu village under the Redhills SRO, is Rs 1,000 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Sornambigai Nagar has changed

The guideline value of Sornambigai Nagar has seen several revisions over the years. Starting from the 2003 revision, the guideline value was Rs 34 per sq.ft. This increased significantly to Rs 400 per sq.ft in 2007, marking a change of +1076%. The value then rose to Rs 500 per sq.ft in 2012, which was a decrease of -33%. In 2017, the guideline value increased to Rs 335 per sq.ft, followed by a rise to Rs 500 per sq.ft in 2023. The most recent revision in 2024 has brought the value to Rs 1,000 per sq.ft, representing a substantial increase of +100% from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by +2841%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Chettimedu

In Chettimedu, there are 26 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 1,008 per sq.ft, with a median value of Rs 1,002 per sq.ft. Sornambigai Nagar's 2024 figure is below this median.

• S. Radhakrishnan Nagar: Rs 1,000 per sq.ft (2024)
• Sri Dhanya lakshmi Nagar: Rs 1,000 per sq.ft (2024)
• Sri Nagar: Rs 1,002 per sq.ft (2024)
• Sri Uma Mageshwari Nagar: Rs 1,006 per sq.ft (2024)
• Suba Lakshmi Nagar: Rs 1,000 per sq.ft (2024)
• Santhose Colony: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Sornambigai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value would be Rs 10,00,000. The stamp duty at 7% would amount to Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total to Rs 90,000. It is important to note that 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 Sornambigai Nagar?

The Sub Registrar Office that covers Sornambigai Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Chettimedu. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers should be aware that the guideline value is used to calculate the stamp duty and registration fees applicable during the transaction.

When purchasing property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. It is essential for both parties to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sornambigai Nagar?

The current guideline value of Sornambigai Nagar is Rs 1,000 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 34 per sq.ft in 2003 to Rs 1,000 per sq.ft in 2024, showing an overall increase of +2841%.

What is the land classification for Sornambigai Nagar?

The land classification for Sornambigai Nagar is Residential Special Type - I.

Where can I find the Sub Registrar Office for Sornambigai Nagar?

The Sub Registrar Office for Sornambigai Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Sornambigai Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000 at 7%.