Guideline Value for Suganthi Nagar

Suganthi Nagar guideline value

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

How the guideline value of Suganthi Nagar has changed

Over the years, the guideline value for Suganthi Nagar has seen several revisions. The 2007 revision set the value at Rs 250 per sq.ft, which increased to Rs 400 per sq.ft in 2012. However, the value then decreased to Rs 268 per sq.ft in 2017. The most recent revisions in 2023 and 2024 maintained the value at Rs 400 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, there was a significant increase of 49%. The overall change from 2007 to 2024 reflects a 60% increase, with the 2012 to 2017 period showing a decrease of 33% and a substantial increase of 60% from 2007 to 2012.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO, with guideline values for 2024 ranging from Rs 150 to Rs 800 per sq.ft. The median guideline value for these streets is Rs 350 per sq.ft, positioning Suganthi Nagar above this median.

• Thangam Nagar: Rs 300 per sq.ft (2024)
• Thangam Nagar-II: Rs 250 per sq.ft (2024)
• Thangam Nagar-III: Rs 250 per sq.ft (2024)
• Thangam Nagar - III Extension: Rs 250 per sq.ft (2024)
• Sri Thanmitha City: Rs 350 per sq.ft (2024)
• Thendral Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Suganthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total fees to 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Suganthi Nagar?

The Suganthi Nagar area is covered by 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 during the registration of property transactions in Somangalam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, it is essential to consider the guideline value, as it influences the stamp duty and registration fees payable. Buyers should ensure that the sale price is in line with the guideline value to avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of Suganthi Nagar?

The current guideline value of Suganthi 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 various changes, with the most recent revisions in 2023 and 2024 maintaining the value at Rs 400 per sq.ft. The value increased from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2024, showing a significant rise over the years.

What is the land classification of Suganthi Nagar?

Suganthi Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for property in Suganthi Nagar?

For a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Suganthi Nagar?

The Sriperumpudur Sub Registrar Office handles property registrations in Suganthi Nagar, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.