Guideline Value for Sumithra nagar

Sumithra nagar guideline value

The current guideline value of Sumithra Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Poonthamallee village, under the Poonamallee SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sumithra nagar has changed

The guideline value of Sumithra Nagar has seen significant changes over the years. In the 2007 revision, the value was Rs 300 per sq.ft, which increased dramatically to Rs 2,000 per sq.ft in 2012. However, this figure decreased to Rs 1,340 per sq.ft in the 2017 revision. The subsequent revisions saw a rise, with the value reaching Rs 2,000 per sq.ft in 2023 and further increasing to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while the transition from 2012 to 2017 saw a decrease of 33%. The remarkable rise from 2007 to 2012 of 567% reflects the rapid changes in this area. Overall, from 2007 to 2024, the guideline value has increased by 633%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Poonthamallee

In Poonthamallee village, there are 257 streets under the Poonamallee SRO carrying a 2024 guideline value ranging from Rs 1,980 to Rs 4,950 per sq.ft, with the median value being Rs 2,200 per sq.ft. Sumithra Nagar's 2024 guideline value aligns with this median.

• Sundar nagar: Rs 2,200 per sq.ft (2024)
• Sundar Nagar Extension: Rs 2,210 per sq.ft (2024)
• Sweeper line: Rs 2,200 per sq.ft (2024)
• Tamizh nagar: Rs 2,200 per sq.ft (2024)
• Tangaal kaarai kosa street: Rs 2,200 per sq.ft (2024)
• Tangaal Kaarai Mettu Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sumithra nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 Sumithra nagar?

The Sub Registrar Office that covers Sumithra Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Poonthamallee. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is assessed to ensure that the sale price is in line with the current market conditions. This helps in maintaining transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Sumithra Nagar?

The current guideline value of Sumithra Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 633% over the years.

What is the median guideline value in Poonthamallee?

The median guideline value in Poonthamallee for 2024 is Rs 2,200 per sq.ft, which is the same as that of Sumithra Nagar.

Where can I find the Sub Registrar Office for Sumithra Nagar?

The Sub Registrar Office for Sumithra Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

How is stamp duty calculated in Sumithra Nagar?

Stamp duty in Sumithra Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.