Guideline Value for Sri Ram Avenue

Sri Ram Avenue guideline value

The current guideline value of Sri Ram Avenue is Rs 250 per sq.ft, effective from 1 July 2024. This street is located in Somangalam village and falls under the Sriperumpudur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Sri Ram Avenue has changed

Over the years, the guideline value of Sri Ram Avenue has seen several revisions. The 2007 revision set the rate at Rs 100 per sq.ft, which increased to Rs 250 per sq.ft in the 2012 revision. However, in the 2017 revision, the value rose significantly by 150% to Rs 167 per sq.ft. The 2023 revision maintained the value at Rs 250 per sq.ft, and this rate has remained unchanged in the 2024 revision.

Notably, there are no figures available for the years 2002 and 2003 in the register for this street. The overall change from 2007 to 2024 reflects a 150% increase in the guideline value.

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. Sri Ram Avenue's 2024 guideline value is below this median.

• Sri Rajaganapathy Nagar: Rs 400 per sq.ft (2024)
• Sri Ranganathapuram Colony: Rs 250 per sq.ft (2024)
• Srinivasapuram: Rs 200 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 400 per sq.ft (2024)
• Sri Kumaran Nagar: Rs 400 per sq.ft (2024)
• Sri Thanmitha City: Rs 350 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ram Avenue

For a 1,000 sq.ft plot at the current rate of Rs 250 per sq.ft, the guideline value amounts to Rs 2,50,000. The stamp duty at 7% would be Rs 17,500, and the registration fee at 2% would be Rs 5,000, totaling Rs 22,500. 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Ram Avenue?

The Sub Registrar Office that covers Sri Ram Avenue is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Somangalam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of purchasing property. The registration office uses this value to ensure that the appropriate fees are collected based on the property's worth as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Sri Ram Avenue?

The current guideline value of Sri Ram Avenue is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 250 per sq.ft in 2012, then to Rs 167 per sq.ft in 2017, and has remained at Rs 250 per sq.ft since the 2023 revision.

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

Other streets in Somangalam include Sri Rajaganapathy Nagar at Rs 400 per sq.ft, Sri Ranganathapuram Colony at Rs 250 per sq.ft, and Srinivasapuram at Rs 200 per sq.ft, among others.

What are the stamp duty and registration fees for property in Sri Ram Avenue?

For a 1,000 sq.ft plot at Rs 250 per sq.ft, the total guideline value is Rs 2,50,000. The stamp duty would be Rs 17,500, and the registration fee would be Rs 5,000, totaling Rs 22,500.

Which office handles registrations for Sri Ram Avenue?

The registrations for Sri Ram Avenue are handled by the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.