Guideline Value for SHANMUGA NAGAR PHASE-I

Shanmuga Nagar Phase-I guideline value

The current guideline value of Shanmuga Nagar Phase-I is Rs 500 per sq.ft, effective from 1 July 2024. This locality is situated in Orathur village, under the jurisdiction of the Gooduvancheri SRO, and is classified as Residential Special Type - II.

How the guideline value of Shanmuga Nagar Phase-I has changed

The guideline value for Shanmuga Nagar Phase-I has experienced several revisions over the years. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 335 per sq.ft. This was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 500 per sq.ft. The 2024 revision also maintained this value at Rs 500 per sq.ft, indicating no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has seen no net change.

Guideline values in Orathur

In Orathur, there are 80 streets under the Gooduvancheri SRO that have a 2024 guideline value ranging from Rs 335 to Rs 1,700 per sq.ft. The median value among these streets is Rs 500 per sq.ft, which is the same as the current guideline value for Shanmuga Nagar Phase-I.

• Shiridi Sai Nagar: Rs 600 per sq.ft (2024)
• Shri Shanmuga Nagr Phase-IV: Rs 400 per sq.ft (2024)
• Shruthi Garden: Rs 500 per sq.ft (2024)
• Selvi Enclave: Rs 500 per sq.ft (2024)
• Sarojini Nagr: Rs 500 per sq.ft (2024)
• S.R.B Avenue: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmuga Nagar Phase-I

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total to Rs 45,000. 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 details.

Which Sub Registrar Office covers Shanmuga Nagar Phase-I?

The Sub Registrar Office that covers Shanmuga Nagar Phase-I is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Orathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When you buy or sell property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as determined by the registration department. This helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value for Shanmuga Nagar Phase-I?

The current guideline value for Shanmuga Nagar Phase-I is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft since 2012, with a drop to Rs 335 per sq.ft in 2017, followed by a return to Rs 500 per sq.ft in 2023 and 2024.

What is the land classification for Shanmuga Nagar Phase-I?

Shanmuga Nagar Phase-I is classified as Residential Special Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Shanmuga Nagar Phase-I?

The Gooduvancheri Sub Registrar Office, which covers Shanmuga Nagar Phase-I, is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at Rs 500 per sq.ft has a guideline value of Rs 5,00,000, leading to a stamp duty of Rs 35,000.