Guideline Value for SHANMUGA NAGAR

Shanmuga Nagar guideline value

The current guideline value of Shanmuga Nagar, located in Karanodai village under the Redhills SRO, is Rs 1,210 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Shanmuga Nagar has changed

The guideline value for Shanmuga Nagar has seen significant changes over the years. In 2003, the guideline value was Rs 35 per sq.ft, which increased to Rs 600 per sq.ft in 2007. This was a substantial rise of 1614%. The value then rose to Rs 1,100 per sq.ft in 2012, marking an increase of 83%. However, it decreased to Rs 737 per sq.ft in 2017, a drop of 33%. The value then increased to Rs 1,100 per sq.ft in 2023, reflecting a rise of 49%, and finally reached Rs 1,210 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 3357%.

Guideline values in Karanodai

Karanodai village has a total of 38 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 1,210 per sq.ft, which is equal to the current figure for Shanmuga Nagar.

• Senthil Avenue: Rs 1,650 per sq.ft (2024)
• Sivan Koil Street: Rs 1,650 per sq.ft (2024)
• Sothuperumpedu Road: Rs 1,650 per sq.ft (2024)
• Sri Ganapathi Avenue: Rs 440 per sq.ft (2024)
• Sri Krishna Nagar Annex-III: Rs 440 per sq.ft (2024)
• Sakthi Avenue: Rs 440 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 1,210 per sq.ft, the total guideline value would be Rs 12,10,000. The stamp duty at 7% would amount to Rs 84,700, and the registration fee at 2% would be Rs 24,200, bringing the total cost for these fees to Rs 1,08,900. It is important to note that the 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 details.

Which Sub Registrar Office covers Shanmuga Nagar?

The Sub Registrar Office that covers Shanmuga Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Karanodai. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers must ensure that the sale price is not lower than the guideline value, as the higher amount will be used for calculating the fees.

When a property is sold, the guideline value ensures that the transaction is recorded accurately, reflecting the true value of the property. This helps in maintaining transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Shanmuga Nagar?

The current guideline value of Shanmuga Nagar is Rs 1,210 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 35 per sq.ft in 2003 to Rs 1,210 per sq.ft in 2024, reflecting an overall increase of 3357%.

What are the other streets in Karanodai and their guideline values?

Other streets in Karanodai include Senthil Avenue, Sivan Koil Street, and Sothuperumpedu Road, all at Rs 1,650 per sq.ft, while Sri Ganapathi Avenue, Sri Krishna Nagar Annex-III, and Sakthi Avenue are at Rs 440 per sq.ft.

What fees are applicable when registering a property in Shanmuga Nagar?

When registering a property in Shanmuga Nagar, the applicable fees include a stamp duty of 7% and a registration fee of 2% based on the higher of the guideline value or the sale price.

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

The Sub Registrar Office for Shanmuga Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.