Guideline Value for Market area Shanmugam Street

Market area Shanmugam Street guideline value

The current guideline value for Market area Shanmugam Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Market area Shanmugam Street has changed

The guideline value for Market area Shanmugam Street has seen significant changes over the years. In 2002, the guideline value was Rs 540 per sq.ft. It increased to Rs 664 per sq.ft in 2003, marking a 23% rise. The value then surged to Rs 2,500 per sq.ft in 2007, reflecting a substantial increase of 277%. Following that, the guideline value rose to Rs 6,000 per sq.ft in 2012, which was a 140% increase. However, it dropped to Rs 4,020 per sq.ft in 2017, showing a decrease of 33%. The value increased again to Rs 6,000 per sq.ft in 2023, and most recently, it has risen to Rs 6,600 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,122%. There are no figures available for the years not mentioned in the revisions for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, placing Market area Shanmugam Street's 2024 figure above that median.

• Market Area: Rs 6,600 per sq.ft (2024)
• Market Road: Rs 6,600 per sq.ft (2024)
• Market Road Balance: Rs 6,600 per sq.ft (2024)
• Mariammankoil Street: Rs 2,200 per sq.ft (2024)
• Manthoppu Street (Brindavan Avenue): Rs 4,400 per sq.ft (2024)
• Mathava Reddy Street(Ramakrishnan Street): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Market area Shanmugam Street

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value would be Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Market area Shanmugam Street?

The Sub Registrar Office that covers Market area Shanmugam Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value is a critical factor in property transactions in Tambaram. It is used to determine the stamp duty and registration fees when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Market area Shanmugam Street?

The current guideline value for Market area Shanmugam Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 540 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 1,122% over this period.

What is the classification of Market area Shanmugam Street?

Market area Shanmugam Street is classified as Commercial Class I Type - II.

What are the stamp duty rates for property in Tambaram?

The stamp duty rate for property transactions in Tambaram is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Market area Shanmugam Street?

The Sub Registrar Office for Market area Shanmugam Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.