Guideline Value for SANTHOSH NAGAR 2ND STREET

Santhosh Nagar 2nd Street guideline value

The current guideline value of Santhosh Nagar 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of Santhosh Nagar 2nd Street has changed

The guideline value for Santhosh Nagar 2nd Street has undergone several revisions over the years. The earliest recorded value in 2002 was Rs 137 per sq.ft, which increased significantly to Rs 160 per sq.ft in 2003, marking a 17% rise. Following this, the value surged dramatically to Rs 1,042 per sq.ft in 2007, reflecting a substantial increase of 551%. The value then continued to rise to Rs 3,000 per sq.ft in 2012, a growth of 188%. However, it saw a decrease to Rs 2,010 per sq.ft in 2017, which was a decline of 33%.

In the subsequent revisions, the guideline value increased to Rs 3,000 per sq.ft in 2023, showing a rise of 49%. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year. The overall change from 2002 to 2024 shows a remarkable increase of 2,309% in the guideline value for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which is equal to the current value of Santhosh Nagar 2nd Street.

• Santhosh Nagar 1st 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 2nd 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 amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Santhosh Nagar 2nd Street?

The Sub Registrar Office that covers Santhosh Nagar 2nd Street is 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 plays a crucial role in the registration process when buying or selling property in Palavakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations and to avoid any legal issues.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Santhosh Nagar 2nd Street?

The current guideline value of Santhosh Nagar 2nd 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 significantly from Rs 137 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 2,309% over the years.

What is the median guideline value in Palavakkam?

The median guideline value in Palavakkam for the year 2024 is Rs 3,300 per sq.ft, which is the same as that of Santhosh Nagar 2nd Street.

What are the registration fees for property in Santhosh Nagar 2nd Street?

The registration fees for property in Santhosh Nagar 2nd Street include a stamp duty of 7% and a registration fee of 2%, calculated based on the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.