Guideline Value for Sumathi Square

Sumathi Square guideline value

The current guideline value of Sumathi Square is Rs 500 per sq.ft, effective from 1 July 2024. This property is located in Neelamangalam village under the Gooduvancheri SRO, classified as Residential Class I Type - I.

How the guideline value of Sumathi Square has changed

The guideline value for Sumathi Square has undergone several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 155 per sq.ft. This figure increased significantly to Rs 500 per sq.ft in 2012, marking a rise of 223%. However, it then decreased to Rs 335 per sq.ft in 2017, a decline of 33%. The value remained at Rs 500 per sq.ft during the 2023 revision and continued at the same rate in the 2024 revision, indicating no change between these two years.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 223%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Neelamangalam

In Neelamangalam, there are 41 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,000 per sq.ft, with a median value of Rs 600 per sq.ft. The guideline value of Sumathi Square is below this median.

• Sundaram Nagar: Rs 600 per sq.ft (2024)
• S.V.P. Garden: Rs 500 per sq.ft (2024)
• Sri Varasakthi Vinayagar Nagar: Rs 600 per sq.ft (2024)
• Thiruvalluvar Nagar: Rs 500 per sq.ft (2024)
• Sri Neelagandeswarar Nagar: Rs 1,200 per sq.ft (2024)
• Sri Muppathamman Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Sumathi Square

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, making the total cost for these fees Rs 45,000. 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 Sumathi Square?

The Sub Registrar Office that covers Sumathi Square 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 more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Neelamangalam. It is used to determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in a property transaction, it is essential to be aware of the guideline value as it directly impacts the financial obligations associated with the registration of the property. Ensuring that you have the correct guideline value can help avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Sumathi Square?

The current guideline value of Sumathi Square 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 155 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and remained at Rs 500 per sq.ft in both 2023 and 2024.

What is the land classification of Sumathi Square?

Sumathi Square is classified as Residential Class I Type - I.

What are the other streets in Neelamangalam with their guideline values?

Other streets in Neelamangalam include Sundaram Nagar at Rs 600 per sq.ft, S.V.P. Garden at Rs 500 per sq.ft, Sri Varasakthi Vinayagar Nagar at Rs 600 per sq.ft, Thiruvalluvar Nagar at Rs 500 per sq.ft, Sri Neelagandeswarar Nagar at Rs 1,200 per sq.ft, and Sri Muppathamman Nagar at Rs 600 per sq.ft.

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.