Guideline Value for Sowbakya Colony

Sowbakya Colony guideline value

The current guideline value of Sowbakya Colony is Rs 7,700 per sq.ft, effective from 1 July 2024. This area is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Mixed Type - II land.

How the guideline value of Sowbakya Colony has changed

The guideline value for Sowbakya Colony has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 3,020 per sq.ft. This increased significantly to Rs 7,000 per sq.ft in 2012, marking a 132% rise. However, it then decreased to Rs 4,690 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 7,000 per sq.ft in 2023, and most recently to Rs 7,700 per sq.ft in 2024, representing a 10% increase.

From 2017 to 2023, there was a substantial increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 155%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Sowbakya Colony's 2024 figure above this median.

• Sowbhakiya Colony S.No. 394/2: Rs 7,700 per sq.ft (2024)
• South Side Ganga Nagar: Rs 6,000 per sq.ft (2024)
• South Side 60 Feet Road: Rs 4,900 per sq.ft (2024)
• Soundara Pandian Salai: Rs 8,800 per sq.ft (2024)
• Somasundar Bharathy Nagar 5th Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 4th Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Sowbakya Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, totaling Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sowbakya Colony?

The Sub Registrar Office that covers Sowbakya Colony is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Kodambakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is conducted transparently and fairly.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sowbakya Colony?

The current guideline value of Sowbakya Colony is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,020 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 155% over this period.

What is the land classification of Sowbakya Colony?

Sowbakya Colony is classified as Mixed Type - II land, which indicates a blend of residential and commercial use.

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

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000, and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Where is the Sub Registrar Office for Sowbakya Colony located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.