Guideline Value for Sumeru City Nagar

Sumeru City Nagar guideline value

The current guideline value of Sumeru City Nagar is Rs 4,750 per sq.ft, effective from 1 July 2024. This locality is situated in Selaiyur village, under the Selaiyur SRO, and is classified as Commercial Special Type - I.

How the guideline value of Sumeru City Nagar has changed

The guideline value for Sumeru City Nagar has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 4,500 per sq.ft. This value saw a decrease to Rs 3,015 per sq.ft in 2017. Following this, the value increased to Rs 4,500 per sq.ft in 2023, and then to Rs 4,750 per sq.ft in 2024.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased significantly by 49%. The transition from 2023 to 2024 reflects a growth of 6%. Overall, from 2012 to 2024, the guideline value has increased by 6%.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the current value of Sumeru City Nagar above this median.

• Sundaram Colony: Rs 2,900 per sq.ft (2024)
• Sundaram Colony 1st Cross Street: Rs 2,900 per sq.ft (2024)
• Sundaram Colony 1st Main Road: Rs 2,900 per sq.ft (2024)
• Sundaram Colony 1st Street: Rs 2,900 per sq.ft (2024)
• Sundaram Colony 2nd Cross Street: Rs 2,900 per sq.ft (2024)
• Sundaram Colony 2nd Main Road: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Sumeru City Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,750 per sq.ft, the total guideline value amounts to Rs 47,50,000. The stamp duty at 7% would be Rs 3,32,500, and the registration fee at 2% would be Rs 95,000, totaling Rs 4,27,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sumeru City Nagar?

The Sub Registrar Office that covers Sumeru City Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Selaiyur. It is used to calculate the stamp duty and registration fees that must be paid when a property is bought or sold. The guideline value is determined by the government and is updated periodically to reflect changes in the market.

When a transaction occurs, the buyer must pay the stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sumeru City Nagar?

The current guideline value of Sumeru City Nagar is Rs 4,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, then to Rs 4,500 per sq.ft in 2023, and finally to Rs 4,750 per sq.ft in 2024.

What is the land classification of Sumeru City Nagar?

Sumeru City Nagar is classified as Commercial Special Type - I, which indicates its zoning for commercial activities.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost of stamp duty and registration fees amounts to Rs 4,27,500.

Where is the Sub Registrar Office for Sumeru City Nagar located?

The Sub Registrar Office for Sumeru City Nagar is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.