Guideline Value for SHAKTHIVEL STREET

Shakthivel Street guideline value

The current guideline value of Shakthivel Street, located in Perambur village under the Purasaivakkam SRO, is Rs 3,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Shakthivel Street has changed

The guideline value for Shakthivel Street has experienced several changes over the years. In the 2002 revision, the value was Rs 353 per sq.ft, which increased to Rs 387 per sq.ft in 2003, marking a 10% rise. The value then saw a significant increase of 55% to Rs 600 per sq.ft in 2007. Following this, the 2012 revision recorded a value of Rs 3,000 per sq.ft, reflecting a remarkable 400% increase from the previous revision. However, the 2017 revision saw a decrease of 33%, bringing the value down to Rs 2,010 per sq.ft. The guideline value then rose to Rs 3,000 per sq.ft in the 2023 revision, before reaching the current value of Rs 3,200 per sq.ft in 2024, which is a 7% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 807%. There are no figures available for any other revisions for this street.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. Shakthivel Street's current guideline value is above this median.

• Shanmugam Mudali Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 10th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 11th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 12th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 1st Street: Rs 3,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shakthivel Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value would be Rs 32,00,000. The stamp duty is charged at 7%, amounting to Rs 2,24,000, and the registration fee at 2% would be Rs 64,000. Together, the total cost for stamp duty and registration fee would be Rs 2,88,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shakthivel Street?

The Sub Registrar Office that covers Shakthivel Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Perambur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must be aware of this value to avoid discrepancies during the registration process.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are compliant with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Shakthivel Street?

The current guideline value of Shakthivel Street is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 353 per sq.ft in 2002 to Rs 3,200 per sq.ft in 2024, reflecting an overall increase of 807% over this period.

What are the stamp duty and registration fees for properties on Shakthivel Street?

For a property valued at Rs 32,00,000, the stamp duty would be Rs 2,24,000 and the registration fee would be Rs 64,000, totaling Rs 2,88,000.

Which office handles property registrations for Shakthivel Street?

The Purasaivakkam Sub Registrar Office handles property registrations for Shakthivel Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Shakthivel Street?

Shakthivel Street falls under the Residential Class III Type - I land classification as per the guidelines.