Guideline Value for Sowmiya Nagar 2nd Main Road

Sowmiya Nagar 2nd Main Road guideline value

The current guideline value of Sowmiya Nagar 2nd Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Perumbakkam village under the Selaiyur SRO, classified as Residential Special Type - II.

How the guideline value of Sowmiya Nagar 2nd Main Road has changed

The guideline value for Sowmiya Nagar 2nd Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. However, the value rose significantly to Rs 3,000 per sq.ft in 2023, and the most recent revision in 2024 increased it further to Rs 3,300 per sq.ft.

From 2017 to 2023, the value increased by 49%. The change from 2023 to 2024 represents a 10% increase. Overall, from the 2012 revision to the 2024 revision, 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 for these streets is Rs 2,725 per sq.ft, placing Sowmiya Nagar 2nd Main Road above this median.

• Sowmiya Nagar 1st to 24th street: Rs 3,300 per sq.ft (2024)
• Sowmiya Nagar 9th Cross Street: Rs 3,300 per sq.ft (2024)
• Sowmiya Nagar: 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 2nd Main Road

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

Which Sub Registrar Office covers Sowmiya Nagar 2nd Main Road?

The Sub Registrar Office that covers Sowmiya Nagar 2nd Main Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Perumbakkam, as it determines the amount of stamp duty and registration fees payable during the registration process. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the transaction is appropriately taxed according to the prevailing rates.

Frequently asked questions

What is the current guideline value of Sowmiya Nagar 2nd Main Road?

The current guideline value of Sowmiya Nagar 2nd Main Road 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 increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are based on the higher of the guideline value or the sale price.

Which office handles registrations for Sowmiya Nagar 2nd Main Road?

The Selaiyur Sub Registrar Office handles registrations for Sowmiya Nagar 2nd Main Road, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification of Sowmiya Nagar 2nd Main Road?

The land classification of Sowmiya Nagar 2nd Main Road is Residential Special Type - II, indicating its suitability for residential development.