Guideline Value for Sri Thanmitha City

Sri Thanmitha City guideline value

The current guideline value of Sri Thanmitha City, located in Somangalam village under the Sriperumpudur SRO, is Rs 350 per sq.ft. This value is effective from the 2024 revision, which will be implemented on 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sri Thanmitha City has changed

Since the 2012 revision, the guideline value for Sri Thanmitha City has seen various changes. In 2012, the guideline value was Rs 350 per sq.ft. This remained unchanged in the 2017 revision, where it was still Rs 350 per sq.ft. However, in the 2023 revision, the value increased to Rs 350 per sq.ft, which was a 50% increase from the 2017 figure of Rs 234 per sq.ft. The current 2024 revision also maintains this value at Rs 350 per sq.ft, marking no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has seen no net change, remaining at Rs 350 per sq.ft.

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. The median value for these streets is Rs 350 per sq.ft, which is equal to the current guideline value for Sri Thanmitha City.

• Sri Ranganathapuram Colony: Rs 250 per sq.ft (2024)
• Sri Ram Avenue: Rs 250 per sq.ft (2024)
• Suganthi Nagar: Rs 400 per sq.ft (2024)
• Sri Rajaganapathy Nagar: Rs 400 per sq.ft (2024)
• Srinivasapuram: Rs 200 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Thanmitha City

For a 1,000 sq.ft plot at the current guideline value of Rs 350 per sq.ft, the total guideline value would be Rs 3,50,000. The stamp duty at 7% would amount to Rs 24,500, and the registration fee at 2% would be Rs 7,000, bringing the total fees to Rs 31,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sri Thanmitha City?

The Sub Registrar Office that covers Sri Thanmitha City 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 is a critical factor in the registration process when buying or selling property in Somangalam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value serves as a reference point for calculating the taxes due. Buyers and sellers should be aware of this value to ensure compliance with local regulations and to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Sri Thanmitha City?

The current guideline value for Sri Thanmitha City is Rs 350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 350 per sq.ft since the 2012 revision, with a 50% increase from Rs 234 per sq.ft in 2017 to 2023, and no change from 2023 to 2024.

Are there any years where no guideline value is recorded for Sri Thanmitha City?

Yes, the register has no figures for the years 2002, 2003, and 2007 for Sri Thanmitha City.

What are the stamp duty and registration fees for a property in Sri Thanmitha City?

For a 1,000 sq.ft property, the stamp duty would be Rs 24,500 and the registration fee would be Rs 7,000, totaling Rs 31,500 based on the guideline value.

Which office handles registrations for properties in Sri Thanmitha City?

The Sriperumpudur Sub Registrar Office handles registrations for properties in Sri Thanmitha City, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.