Guideline Value for Sowmiya Nagar 1st to 24th street

Sowmiya Nagar 1st to 24th street guideline value

The current guideline value for Sowmiya Nagar 1st to 24th street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Perumbakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Sowmiya Nagar 1st to 24th street has changed

The guideline value for Sowmiya Nagar 1st to 24th street has seen several revisions over the years. The earliest recorded revision is from 2012, which set the value at Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017, reflecting a drop of 33%. In 2023, the value increased to Rs 3,000 per sq.ft, and the latest revision in 2024 raised it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Perumbakkam

In Perumbakkam, there are 225 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft. The median value among these streets is Rs 2,725 per sq.ft, placing the guideline value of Sowmiya Nagar 1st to 24th street above this median.

• Sowmiya Nagar: Rs 3,300 per sq.ft (2024)
• Sowmiya Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Sowmiya Nagar 9th Cross Street: Rs 3,300 per sq.ft (2024)
• Sowmiya Nagar Main Road: Rs 3,300 per sq.ft (2024)
• South Chennai Co Operative Nagar: Rs 2,725 per sq.ft (2024)
• Sri Ganapathi Nagar Colony: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sowmiya Nagar 1st to 24th street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sowmiya Nagar 1st to 24th street?

The Sub Registrar Office that covers Sowmiya Nagar 1st to 24th street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Perumbakkam. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring that the government collects appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to consider the guideline value, as it influences the overall costs involved in the transaction. Buyers should be aware that the registration fees and stamp duty are calculated based on the higher of the guideline value or the sale price, which can significantly impact the total expenses incurred during the property transfer.

Frequently asked questions

What is the current guideline value for Sowmiya Nagar 1st to 24th street?

The current guideline value for Sowmiya Nagar 1st to 24th street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Sowmiya Nagar 1st to 24th street?

The land classification for Sowmiya Nagar 1st to 24th street is Residential Special Type - II.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for property in Sowmiya Nagar 1st to 24th street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.