Guideline Value for Sowbhakiya Colony S.No. 394/2

Sowbhakiya Colony S.No. 394/2 guideline value

The current guideline value for Sowbhakiya Colony S.No. 394/2 is Rs 7,700 per sq.ft, effective from 1 July 2024. This property is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Mixed Type - II.

How the guideline value of Sowbhakiya Colony S.No. 394/2 has changed

The guideline value for Sowbhakiya Colony has seen several revisions over the years. In 2007, the guideline value was Rs 3,020 per sq.ft. This increased significantly to Rs 7,000 per sq.ft in 2012, marking a rise of 132%. 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 currently stands at Rs 7,700 per sq.ft from the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 155%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

Kodambakkam has a total of 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, indicating that Sowbhakiya Colony's current value of Rs 7,700 per sq.ft is above the median.

• Sowbakya Colony: 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 Sowbhakiya Colony S.No. 394/2

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees to 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. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sowbhakiya Colony S.No. 394/2?

The Sub Registrar Office that covers Sowbhakiya Colony S.No. 394/2 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 plays a crucial role in the registration process of property transactions in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and fairly.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the registration process. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Sowbhakiya Colony S.No. 394/2?

The current guideline value of Sowbhakiya Colony S.No. 394/2 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 the years.

What is the role of the Ashok Nagar SRO?

The Ashok Nagar SRO is responsible for the registration of properties in the Kodambakkam area, including Sowbhakiya Colony. It ensures that property transactions are recorded according to the guideline values set by the Registration Department.

How is stamp duty calculated for properties in Sowbhakiya Colony?

Stamp duty for properties in Sowbhakiya Colony is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 77,00,000 would incur a stamp duty of Rs 5,39,000 at 7%.

Can I find other guideline values in Kodambakkam?

Yes, there are several other streets in Kodambakkam with their respective guideline values. For instance, South Side Ganga Nagar has a guideline value of Rs 6,000 per sq.ft, while Soundara Pandian Salai has a higher value of Rs 8,800 per sq.ft.