Guideline Value for SHALOM NAGAR

Shalom Nagar guideline value

The current guideline value of Shalom Nagar, located in Karunguzhi village under the Madurandakam SRO, is Rs 602 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Shalom Nagar has changed

Over the years, the guideline value for Shalom Nagar has undergone several revisions. The 2012 revision set the value at Rs 600 per sq.ft, which remained unchanged until the 2023 revision, where it also stood at Rs 600 per sq.ft. The subsequent 2024 revision saw a slight increase to Rs 602 per sq.ft, marking a change of 0% from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Looking back further, the 2017 revision recorded a significant increase to Rs 402 per sq.ft, reflecting a 49% rise from the 2012 figure. However, the value dropped by 33% from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017. Overall, from 2012 to 2024, the guideline value has remained stable with no net change.

Guideline values in Karunguzhi

In Karunguzhi, there are 37 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 401 to Rs 1,000 per sq.ft. The median value for these streets is Rs 401 per sq.ft, placing Shalom Nagar's 2024 figure above that median.

• Sathaniveethi: Rs 600 per sq.ft (2024)
• Thattara Street: Rs 401 per sq.ft (2024)
• Pavazhakkara Street: Rs 401 per sq.ft (2024)
• Pattai Street: Rs 401 per sq.ft (2024)
• Parvatha Rajagula Street: Rs 401 per sq.ft (2024)
• Thumbhulavar Street: Rs 401 per sq.ft (2024)

Stamp duty and registration fee for property in Shalom Nagar

For a 1,000 sq.ft plot in Shalom Nagar at the current guideline value of Rs 602 per sq.ft, the total guideline value amounts to Rs 6,02,000. The stamp duty, charged at 7%, would be Rs 42,140, while the registration fee at 2% would be Rs 12,040. Together, these charges total Rs 54,180. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shalom Nagar?

The Sub Registrar Office that covers Shalom Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Karunguzhi. It is used to determine the stamp duty and registration fees that buyers must pay when registering a property. The guideline value is set by the Registration Department and is periodically revised to reflect changes in the real estate market.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and that the appropriate taxes are applied. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the actual sale price, which can influence the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Shalom Nagar?

The current guideline value of Shalom Nagar is Rs 602 per sq.ft, effective from 1 July 2024.

How has the guideline value of Shalom Nagar changed over the years?

The guideline value of Shalom Nagar has seen several revisions, with the most recent being Rs 602 per sq.ft in 2024, showing no change from the previous year. The value has varied significantly from Rs 600 in 2012 to Rs 402 in 2017.

What are the other streets in Karunguzhi and their guideline values?

Other streets in Karunguzhi have varying guideline values. For instance, Sathaniveethi is valued at Rs 600 per sq.ft, while several other streets are at Rs 401 per sq.ft in 2024.

What fees are associated with buying property in Shalom Nagar?

When purchasing property in Shalom Nagar, buyers should expect to pay stamp duty at 7% and a registration fee at 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Shalom Nagar located?

The Sub Registrar Office for Shalom Nagar is the Madurandakam Sub Registrar Office, situated at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.