Guideline Value for SHANMUGA AVENUE

Shanmuga Avenue guideline value

The current guideline value of Shanmuga Avenue is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Shanmuga Avenue has changed

Over the years, the guideline value of Shanmuga Avenue has seen significant changes. In the 2003 revision, the value was Rs 111 per sq.ft, which increased to Rs 250 per sq.ft in 2007, marking a 125% rise. The value then surged to Rs 1,500 per sq.ft in 2012, reflecting a remarkable 500% increase. However, the following revision in 2017 saw the value drop to Rs 1,005 per sq.ft, a decrease of 33%. The value increased again to Rs 1,500 per sq.ft in 2023, and now stands at Rs 1,700 per sq.ft in the 2024 revision, representing a 13% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 1432%. The register has no figure for the year 2002 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, indicating that the guideline value of Shanmuga Avenue is below this median.

• Shantham Avenue: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony: Rs 3,300 per sq.ft (2024)
• Selvakumar Avenue Main Road: Rs 3,900 per sq.ft (2024)
• Selvakumar Avenue 1st Street: Rs 3,900 per sq.ft (2024)
• Selvakumar Avenue: Rs 3,900 per sq.ft (2024)
• Simson Road: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmuga Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total fees to Rs 1,53,000. 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 more information.

Which Sub Registrar Office covers Shanmuga Avenue?

Shanmuga Avenue is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value helps in assessing the applicable fees based on the property's value. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Shanmuga Avenue?

The current guideline value of Shanmuga Avenue is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 111 per sq.ft in 2003 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 1432% over this period.

What is the land classification of Shanmuga Avenue?

Shanmuga Avenue is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Shanmuga Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 at 7%.