Guideline Value for SHANKAR FLATS

Shankar Flats guideline value

The current guideline value of Shankar Flats in Padi village, under the Villivakkam SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class IV Type - III land classification.

How the guideline value of Shankar Flats has changed

Since the 2002 revision, the guideline value for Shankar Flats has increased significantly. In 2002, the guideline value was Rs 416 per sq.ft, which rose to Rs 470 per sq.ft in 2003. The value saw a substantial increase to Rs 850 per sq.ft in 2007, followed by a jump to Rs 2,700 per sq.ft in 2012. However, it decreased to Rs 1,809 per sq.ft in 2017. The value then increased to Rs 2,700 per sq.ft in 2023, before reaching the current rate of Rs 2,800 per sq.ft in 2024.

Looking at the percentage changes, from 2017 to 2023, there was a 49% increase. The jump from 2007 to 2012 was 218%, while the 2012 to 2017 period saw a decrease of 33%. The overall increase from 2002 to 2024 is 573%.

Guideline values in Padi

The village of Padi has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as of 2024. The median value for these streets is Rs 3,800 per sq.ft, placing Shankar Flats below this median.

• Seventh Avenue (Jawaharlal Nehru Road Or 200feet Road): Rs 13,100 per sq.ft (2024)
• Shanthi Nagar: Rs 5,400 per sq.ft (2024)
• Shanthinekethan Colony: Rs 9,900 per sq.ft (2024)
• Sheham Avenue (Park Road): Rs 9,700 per sq.ft (2024)
• Silver Palms: Rs 2,500 per sq.ft (2024)
• Sivan Koil Street (Koil Land): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Flats

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total cost for these fees Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Shankar Flats?

The Sub Registrar Office that covers Shankar Flats is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Padi, the guideline value ensures that the transaction is recorded accurately and fairly, reflecting the official value set by the government.

During registration, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and legality in property transactions.

Frequently asked questions

What is the current guideline value of Shankar Flats?

The current guideline value of Shankar Flats is Rs 2,800 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 416 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 573% over the years.

What is the land classification of Shankar Flats?

Shankar Flats is classified under Residential Class IV Type - III land classification.

What are the stamp duty and registration fees for Shankar Flats?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,52,000, based on the current guideline value of Rs 2,800 per sq.ft.

Where is the Sub Registrar Office for Shankar Flats located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.