Guideline Value for SHANMUGA NAGAR

Shanmuga Nagar guideline value

The current guideline value of Shanmuga Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Arumbakkam village under the Kodambakkam SRO, classified as Residential Special Type - III.

How the guideline value of Shanmuga Nagar has changed

Since the 2002 revision, the guideline value for Shanmuga Nagar has seen significant changes. In 2002, the value was Rs 481 per sq.ft, which increased to Rs 530 per sq.ft in 2003. Following this, the value rose to Rs 1,385 per sq.ft in 2007, marking a substantial increase of 161%. The guideline value then jumped to Rs 5,000 per sq.ft in 2012, a remarkable increase of 261%. However, it decreased to Rs 3,350 per sq.ft in 2017, a drop of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, and finally reached Rs 5,500 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,043%. There are no figures available for the revisions in 2012 and 2017 specific to this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,000 per sq.ft, placing Shanmuga Nagar's 2024 figure below this median.

• Selva Vinayagar Koil Street (P.H. Road): Rs 5,300 per sq.ft (2024)
• Selva Vinayagar Koil Street (Near Pragadeeswarar Nagar): Rs 5,300 per sq.ft (2024)
• Selva Vinayagar Koil Street: Rs 5,300 per sq.ft (2024)
• Sidco Nagar: Rs 7,100 per sq.ft (2024)
• Sidco Salai - M- Block M.M.D.A. Colony: Rs 6,900 per sq.ft (2024)
• Sidco Salai - N - Block - M.M.D.A. Colony: Rs 6,900 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmuga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Shanmuga Nagar?

Shanmuga Nagar falls under the Kodambakkam Sub Registrar Office located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration process of property transactions in Arumbakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value as it directly impacts the stamp duty and registration fees applicable during the transaction.

When purchasing property, the buyer is required to pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the true market value of the property being exchanged.

Frequently asked questions

What is the current guideline value of Shanmuga Nagar?

The current guideline value of Shanmuga Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 481 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 1,043% over the years.

What is the median guideline value in Arumbakkam?

The median guideline value for streets in Arumbakkam is Rs 6,000 per sq.ft, which is higher than the current value of Shanmuga Nagar.

What are the stamp duty rates applicable in Shanmuga Nagar?

The stamp duty rate for property transactions in Shanmuga Nagar is 7% of the guideline value or sale price, whichever is higher.

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

The Kodambakkam Sub Registrar Office, which covers Shanmuga Nagar, is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.