Guideline Value for Sri Kumaran Nagar

Sri Kumaran Nagar guideline value

The current guideline value of Sri Kumaran Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Somangalam village under the Sriperumpudur SRO and is classified as Residential Special Type - I.

How the guideline value of Sri Kumaran Nagar has changed

Over the years, the guideline value for Sri Kumaran Nagar has seen several revisions. The earliest recorded figure is from 2007, where the guideline value was Rs 25 per sq.ft. This increased significantly to Rs 400 per sq.ft in 2012, marking a 1500% rise. However, in 2017, the value adjusted to Rs 268 per sq.ft, reflecting a decrease of 33%. The guideline value then remained at Rs 400 per sq.ft from 2012 to 2023, and there was no change from 2023 to 2024, keeping it at Rs 400 per sq.ft.

The revisions for the years 2002 and 2003 do not have any figures recorded for this street. Overall, from 2007 to 2024, the guideline value has increased by 1500%.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. The guideline value of Sri Kumaran Nagar is above this median.

• Sri Lakshmi Nagar: Rs 400 per sq.ft (2024)
• Sri Gayathri Doctors Nest Ph.II: Rs 500 per sq.ft (2024)
• Sri Gayathiri Doctor's Nest: Rs 400 per sq.ft (2024)
• Sri Ganapathi Nagar: Rs 200 per sq.ft (2024)
• Srinivasapuram: Rs 200 per sq.ft (2024)
• Sri City: Rs 350 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Kumaran Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would amount to Rs 28,000, and the registration fee at 2% would be Rs 8,000, making the total charges Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Kumaran Nagar?

The Sub Registrar Office that covers Sri Kumaran Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Somangalam, as it determines the minimum price at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction complies with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value, as it can impact the overall cost of the transaction. The registration process requires the payment of these fees based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Sri Kumaran Nagar?

The current guideline value of Sri Kumaran Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, with a rise from Rs 25 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, followed by a decrease to Rs 268 per sq.ft in 2017, and then stabilizing at Rs 400 per sq.ft from 2012 to 2023, with no change from 2023 to 2024.

What are the other streets in Somangalam with their guideline values?

Other streets in Somangalam include Sri Lakshmi Nagar at Rs 400 per sq.ft, Sri Gayathri Doctors Nest Ph.II at Rs 500 per sq.ft, Sri Gayathiri Doctor's Nest at Rs 400 per sq.ft, Sri Ganapathi Nagar and Srinivasapuram both at Rs 200 per sq.ft, and Sri City at Rs 350 per sq.ft.

What fees are associated with buying property in Sri Kumaran Nagar?

When buying property in Sri Kumaran Nagar, the stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, these fees would total Rs 36,000.

Where can I find the Sub Registrar Office for Sri Kumaran Nagar?

The Sub Registrar Office for Sri Kumaran Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find more information by visiting the provided link.