Guideline Value for SHANKAR NAGAR (CHEN)

Shankar Nagar (Chen) guideline value

The current guideline value of Shankar Nagar (Chen) is Rs 660 per sq.ft, effective from 1 July 2024. This area is part of Sengundram - 1 village under the Chengleput Joint II SRO, classified as Residential Class I Type - III.

How the guideline value of Shankar Nagar (Chen) has changed

Over the years, the guideline value of Shankar Nagar (Chen) has seen several revisions. The 2012 revision set the value at Rs 600 per sq.ft, which remained unchanged until the 2017 revision when it dropped to Rs 402 per sq.ft, marking a decrease of 33%. In 2023, the value increased to Rs 600 per sq.ft, and the most recent revision in 2024 raised it further to Rs 660 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to the 2012 level. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Sengundram - 1

The guideline values in Sengundram - 1 vary significantly, with 126 streets under the Chengleput Joint II SRO carrying a 2024 figure ranging from Rs 660 to Rs 3,285 per sq.ft. The median value for these streets is Rs 880 per sq.ft, placing Shankar Nagar (Chen) below this median.

• Silver Permium County (Chen): Rs 1,100 per sq.ft (2024)
• Sinthamanoor Industrial Ariya Part -II (Chen): Rs 1,320 per sq.ft (2024)
• Sathysai Nagar (Chen): Rs 1,320 per sq.ft (2024)
• Sp Avenue (Chen): Rs 1,320 per sq.ft (2024)
• Sp Avenue Phase -I: Rs 1,320 per sq.ft (2024)
• Sree Gokulapuram (Chen): Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar (Chen)

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total to Rs 59,400. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Shankar Nagar (Chen)?

The Sub Registrar Office that covers Shankar Nagar (Chen) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Sengundram - 1

The guideline value plays a crucial role during the registration of property transactions in Sengundram - 1. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the buyer must ensure that the sale price or the guideline value, whichever is higher, is considered for calculating the applicable duties and fees. This ensures compliance with local regulations and accurate documentation of property transactions.

Frequently asked questions

What is the current guideline value of Shankar Nagar (Chen)?

The current guideline value of Shankar Nagar (Chen) is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen fluctuations, with the most recent increase from Rs 600 per sq.ft in 2023 to Rs 660 per sq.ft in 2024, a change of 10%. The value was Rs 402 per sq.ft in 2017 and Rs 600 per sq.ft in 2012, showing a significant increase of 49% from 2017 to 2023.

What is the land classification of Shankar Nagar (Chen)?

Shankar Nagar (Chen) is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Shankar Nagar (Chen)?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 6,60,000, the total fees would amount to Rs 59,400.

Where is the Chengleput Joint II Sub Registrar Office located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.