Guideline Value for Srinivasapuram

Srinivasapuram guideline value

The current guideline value of Srinivasapuram, located in Somangalam village under the Sriperumpudur SRO, is Rs 200 per sq.ft, effective from 1 July 2024. This area falls under Residential Class III Type - I land classification.

How the guideline value of Srinivasapuram has changed

The guideline value for Srinivasapuram has seen several revisions over the years. In 2007, the value was set at Rs 70 per sq.ft, which rose significantly to Rs 200 per sq.ft in 2012. However, it then decreased to Rs 134 per sq.ft in 2017. The most recent revisions in 2023 and 2024 have maintained the value at Rs 200 per sq.ft, showing no change from the previous year. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, while the overall change from 2007 to 2024 reflects a substantial increase of 186%. The 2012 revision marked a decrease of 33% compared to the 2017 figure, and the jump from 2007 to 2012 was a remarkable 186% increase.

Guideline values in Somangalam

Somangalam village has a total of 86 streets under the Sriperumpudur SRO, with guideline values ranging from Rs 150 to Rs 800 per sq.ft. The median value for these streets is Rs 350 per sq.ft, placing Srinivasapuram's 2024 figure below this median.

• Sri Rajaganapathy Nagar: Rs 400 per sq.ft (2024)
• Sri Ram Avenue: Rs 250 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 400 per sq.ft (2024)
• Sri Ranganathapuram Colony: Rs 250 per sq.ft (2024)
• Sri Kumaran Nagar: Rs 400 per sq.ft (2024)
• Sri Gayathri Doctors Nest Ph.II: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasapuram

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total charges to Rs 18,000. 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 Srinivasapuram?

The Sub Registrar Office that covers Srinivasapuram 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 when buying or selling property in Somangalam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to ensure that the transaction is recorded accurately and that the appropriate taxes are collected. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Srinivasapuram?

The current guideline value of Srinivasapuram is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with a notable increase from Rs 70 per sq.ft in 2007 to Rs 200 per sq.ft in 2012, followed by a decrease to Rs 134 per sq.ft in 2017. The value has remained at Rs 200 per sq.ft since 2023.

What is the land classification of Srinivasapuram?

Srinivasapuram falls under Residential Class III Type - I land classification, which is relevant for determining the appropriate guideline value.

Where can I find the Sub Registrar Office for Srinivasapuram?

The Sub Registrar Office for Srinivasapuram is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for properties in Srinivasapuram?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at a guideline value of Rs 200 per sq.ft, the stamp duty would be Rs 14,000 at a rate of 7%.