Guideline Value for SANTHOSH NAGAR 1ST STREET

Santhosh Nagar 1st Street guideline value

The current guideline value of Santhosh Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class II Type - II.

How the guideline value of Santhosh Nagar 1st Street has changed

The guideline value for Santhosh Nagar 1st Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,042 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in the 2012 revision. However, in the 2017 revision, the value decreased to Rs 2,010 per sq.ft, before rising again to Rs 3,000 per sq.ft in 2023. The current 2024 revision reflects a further increase to Rs 3,300 per sq.ft.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it rose by 10%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 217%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value among these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of Santhosh Nagar 1st Street.

• Santhosh Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Santhosh Nagar & Extension: Rs 3,300 per sq.ft (2024)
• Santhi Nagar: Rs 2,200 per sq.ft (2024)
• Sangarapuram 2nd Street: Rs 3,900 per sq.ft (2024)
• Sangarapuram 1st Street: Rs 3,900 per sq.ft (2024)
• Sathiyamurthi Road (In Lakshman Nagar): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Santhosh Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Santhosh Nagar 1st Street?

The Santhosh Nagar 1st Street falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Palavakkam. It serves as a benchmark for determining the stamp duty and registration fees required when buying or selling property.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the official assessment of the property’s worth. This ensures transparency and compliance with local regulations during property registration.

Frequently asked questions

What is the current guideline value of Santhosh Nagar 1st Street?

The current guideline value of Santhosh Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,042 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 217% over the years.

Where can I find the Sub Registrar Office for Santhosh Nagar 1st Street?

The Sub Registrar Office covering Santhosh Nagar 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What are the stamp duty and registration fees for property in Santhosh Nagar 1st Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

What is the land classification for Santhosh Nagar 1st Street?

Santhosh Nagar 1st Street is classified as Residential Class II Type - II under the Neelankarai SRO.