Guideline Value for SHANKAR NAGAR

Shankar Nagar guideline value

The current guideline value of Shankar Nagar, located in Madurabakkam village under the Selaiyur SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Shankar Nagar has changed

The guideline value for Shankar Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,300 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value saw a decrease of 33%. However, from 2017 to 2023, there was a significant increase of 49%. The transition from 2023 to 2024 reflects an increase of 8%. Overall, the guideline value has increased by 8% from 2012 to 2024.

Guideline values in Madurabakkam

In Madurabakkam, there are 23 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 2,700 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Shankar Nagar's 2024 guideline value below this median.

• Silver Crest: Rs 1,700 per sq.ft (2024)
• Sarojini Nagar: Rs 2,500 per sq.ft (2024)
• Rajkham Siver Crest (Lo): Rs 1,300 per sq.ft (2024)
• Periya Street: Rs 1,300 per sq.ft (2024)
• Panchayat Road: Rs 1,100 per sq.ft (2024)
• Vedhagiri Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shankar Nagar?

The Sub Registrar Office that covers Shankar Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Madurabakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the Registration Department.

When buying or selling property, the guideline value helps ensure transparency and fairness in the transaction process. It is important for buyers and sellers to be aware of the current guideline value to accurately assess the costs involved in the registration of the property.

Frequently asked questions

What is the current guideline value for Shankar Nagar?

The current guideline value for Shankar Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Shankar Nagar?

Shankar Nagar is classified as Residential Class II Type - I.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Shankar Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 91,000.