Guideline Value for Sowanthirya Colony

Sowanthirya Colony guideline value

The current guideline value for Sowanthirya Colony, located in Kolathur village under the Sembiam SRO, is Rs 4,400 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - I land classification.

How the guideline value of Sowanthirya Colony has changed

The guideline value for Sowanthirya Colony has undergone several revisions over the years. Starting with Rs 337 per sq.ft in 2002, it increased to Rs 366 per sq.ft in 2003, marking a 9% rise. The value then jumped significantly to Rs 900 per sq.ft in 2007, which was a 146% increase from the previous revision. In 2012, the guideline value rose to Rs 4,000 per sq.ft, reflecting a substantial 344% increase from 2007.

From 2012 to the current value in 2024, the guideline value saw an increase of 10%, reaching Rs 4,400 per sq.ft. Notably, the register does not have figures for the years 2017 and 2023 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Sowanthirya Colony is above this median, indicating a higher valuation compared to many other streets in the area.

• Somanathapuram 3rd Street: Rs 2,700 per sq.ft (2024)
• Somanathapuram 2nd Street: Rs 2,700 per sq.ft (2024)
• Somanathapuram 1st Street: Rs 2,700 per sq.ft (2024)
• S.J. Avenue: Rs 2,700 per sq.ft (2024)
• Sivasakthi Nagar Extension: Rs 3,300 per sq.ft (2024)
• Sivasakthi Nagar 9th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sowanthirya Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, leading to a total cost of Rs 3,96,000. 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 Sowanthirya Colony?

The Sub Registrar Office that covers Sowanthirya Colony is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for additional assistance.

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

The guideline value is a crucial factor in the registration of property transactions in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to calculate the applicable stamp duty, which is charged at a percentage of the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sowanthirya Colony?

The current guideline value of Sowanthirya Colony is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 337 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1206% over the years.

What are the other streets in Kolathur with their guideline values?

Other streets in Kolathur include Somanathapuram 3rd Street, Somanathapuram 2nd Street, Somanathapuram 1st Street, S.J. Avenue, Sivasakthi Nagar Extension, and Sivasakthi Nagar 9th Street, with values ranging from Rs 2,700 to Rs 3,300 per sq.ft.

What are the stamp duty and registration fees for properties in Sowanthirya Colony?

The stamp duty for a property valued at Rs 44,00,000 would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Sowanthirya Colony?

The Sembiam Sub Registrar Office covers Sowanthirya Colony, located at 5, Papermills Road, Sembiam, Chennai - 600011.