Guideline Value for Sowmiya Nagar

Sowmiya Nagar guideline value

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

How the guideline value of Sowmiya Nagar has changed

The guideline value for Sowmiya Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following this, the value increased to Rs 3,000 per sq.ft in 2023, and the latest revision in 2024 raised it to Rs 3,300 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%. The change from 2023 to 2024 reflects a 10% rise. Overall, from 2012 to 2024, the guideline value 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's 2024 figure above that median.

• Sowmiya Nagar 1st to 24th street: 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

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 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 details.

Which Sub Registrar Office covers Sowmiya Nagar?

The Sub Registrar Office that covers Sowmiya Nagar 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 an important factor in property transactions in Perumbakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The guideline value is set by the government and reflects the minimum value for property transactions in the area.

When a property is registered, the guideline value is taken into account to ensure that the transaction is recorded accurately. Buyers and sellers must be aware of the guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Sowmiya Nagar?

The current guideline value of Sowmiya Nagar 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 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 of Sowmiya Nagar?

Sowmiya Nagar is classified as Residential Special Type - II.

Where can I find the Sub Registrar Office for Sowmiya Nagar?

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

What fees are involved when registering property in Sowmiya Nagar?

The fees involved include stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.