Guideline Value for Sumangali Nagar

Sumangali Nagar guideline value

The current guideline value of Sumangali Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Kanchivakkam village, under the Gooduvancheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Sumangali Nagar has changed

Over the years, the guideline value of Sumangali Nagar has seen several revisions. The 2007 revision set the value at Rs 50 per sq.ft, which increased significantly to Rs 500 per sq.ft in the 2012 revision. However, this value remained unchanged until the 2017 revision, which raised it to Rs 335 per sq.ft, marking a 49% increase. The guideline value then returned to Rs 500 per sq.ft in both the 2023 and 2024 revisions, resulting in no change between these two years.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the current 2024 figure, the guideline value has increased by 900%.

Guideline values in Kanchivakkam

In Kanchivakkam, there are 23 streets under the Gooduvancheri SRO that carry a 2024 guideline value, ranging from Rs 400 to Rs 600 per sq.ft, with a median value of Rs 500 per sq.ft. The guideline value of Sumangali Nagar aligns perfectly with this median.

• Sterling Garden-I & II: Rs 400 per sq.ft (2024)
• Sri Sai Vignesh Nagar: Rs 600 per sq.ft (2024)
• Valarmathi Garden Part-I to IV: Rs 500 per sq.ft (2024)
• Sri Balaji Nagar: Rs 500 per sq.ft (2024)
• Vaseegar Avenue: Rs 600 per sq.ft (2024)
• Senthil Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Sumangali Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, resulting in a total of Rs 45,000. It is important to note that 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 Sumangali Nagar?

The Sub Registrar Office that covers Sumangali Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for further assistance.

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

When buying or selling property in Kanchivakkam, the guideline value is a crucial reference for determining the stamp duty and registration fees. It serves as a benchmark for the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

Buyers and sellers should be aware that the guideline value may influence negotiations, as it reflects the official valuation of properties in the area. Therefore, understanding the guideline value is essential for making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Sumangali Nagar?

The current guideline value of Sumangali Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then to Rs 335 per sq.ft in 2017, and back to Rs 500 per sq.ft in 2023 and 2024.

What is the land classification of Sumangali Nagar?

Sumangali Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the other streets in Kanchivakkam with guideline values?

Other streets in Kanchivakkam include Sterling Garden-I & II, Sri Sai Vignesh Nagar, Valarmathi Garden Part-I to IV, Sri Balaji Nagar, Vaseegar Avenue, and Senthil Nagar, with varying guideline values.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.