Guideline Value for Stunt. Somu Street

Stunt. Somu Street guideline value

The current guideline value of Stunt. Somu Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class IV Type - II.

How the guideline value of Stunt. Somu Street has changed

The guideline value for Stunt. Somu Street has undergone several revisions over the years. The 2007 revision set the value at Rs 620 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, it dropped to Rs 2,010 per sq.ft in 2017. The value then rose to Rs 3,000 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 432%. The register has no figures for the revisions in 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, indicating that Stunt. Somu Street's 2024 figure is below this median.

• Subash Chandira Bose Street: Rs 3,300 per sq.ft (2024)
• Stephen Street: Rs 3,300 per sq.ft (2024)
• Subbramaniya Salai(West Saidapet): Rs 4,900 per sq.ft (2024)
• Subramania Mudali Street (JPT): Rs 4,100 per sq.ft (2024)
• Subramania Samy Koil Street(Othavadai Street): Rs 4,100 per sq.ft (2024)
• Subramaniya Iyyer Street(Vivekanandapuran 2nd, 3rd Street): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Stunt. Somu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, leading to a total cost of 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Stunt. Somu Street?

The Sub Registrar Office that covers Stunt. Somu Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Kodambakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property transaction takes place. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is considered to establish the minimum value for taxation purposes. This ensures that the government receives the appropriate revenue from property transactions, reflecting the market conditions in the area.

Frequently asked questions

What is the current guideline value of Stunt. Somu Street?

The current guideline value of Stunt. Somu Street 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 620 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 432% over the years.

What is the median guideline value in Kodambakkam?

The median guideline value in Kodambakkam is Rs 4,900 per sq.ft, which is higher than the current guideline value of Stunt. Somu Street.

What are the registration fees for property transactions?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Ashok Nagar Sub Registrar Office located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.