Guideline Value for Sosiety Nagar

Sosiety Nagar guideline value

The current guideline value of Sosiety Nagar is Rs 300 per sq.ft, effective from 1 July 2024. This area is located in Ikkadu village and falls under the Tiruvallur Joint 1 SRO. The land classification for Sosiety Nagar is Residential Class II Type - III.

How the guideline value of Sosiety Nagar has changed

The guideline value for Sosiety Nagar has undergone several revisions over the years. In 2007, the value was Rs 50 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2012, marking a 500% rise. However, between 2012 and 2017, the value decreased to Rs 201 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 300 per sq.ft in 2023, and it remained unchanged in the 2024 revision.

Notably, there are no figures available for the years 2002 and 2003 in the register for this street. From 2017 to 2023, the guideline value increased by 49%, and there has been no change from 2023 to 2024.

Guideline values in Ikkadu

Within Ikkadu village, there are 51 streets under the Tiruvallur Joint 1 SRO that carry a guideline value as of 2024, ranging from Rs 100 to Rs 1,400 per sq.ft. The median guideline value for these streets is Rs 400 per sq.ft, placing Sosiety Nagar's 2024 figure below this median.

• Sinivasa Nagar: Rs 500 per sq.ft (2024)
• Sri Ganapathi Nagar: Rs 400 per sq.ft (2024)
• Sri Ganapathi Nagar Extension: Rs 335 per sq.ft (2024)
• Srinivasa Nagar Annex: Rs 402 per sq.ft (2024)
• Sri Sai Nagar: Rs 500 per sq.ft (2024)
• Sri Venkateswara Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Sosiety Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sosiety Nagar?

The Sub Registrar Office that covers Sosiety Nagar is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001. You can find your SRO for more details.

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

The guideline value plays a crucial role when buying or selling property in Ikkadu, as it is used to determine the stamp duty and registration fees applicable to the transaction. Buyers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

When registering a property, it is essential to refer to the latest guideline values to ensure compliance with local regulations. Understanding the guideline value can help buyers and sellers navigate the registration process more effectively.

Frequently asked questions

What is the current guideline value of Sosiety Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 50 per sq.ft in 2007 to Rs 300 per sq.ft in 2012, then decreasing to Rs 201 per sq.ft in 2017, and returning to Rs 300 per sq.ft in 2023 and 2024.

What is the median guideline value in Ikkadu?

The median guideline value for streets in Ikkadu is Rs 400 per sq.ft, while Sosiety Nagar's current guideline value is below this median.

What are the stamp duty and registration fees for Sosiety Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 27,000 based on the current guideline value.

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

The Tiruvallur Joint 1 Sub Registrar Office covers Sosiety Nagar, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.