Guideline Value for SHANMUGA PADMAVATHI NAGAR PHASE-III

Shanmuga Padmavathi Nagar Phase-III guideline value

The current guideline value of Shanmuga Padmavathi Nagar Phase-III is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Vengathur village and falls under the jurisdiction of the Manavalanagar SRO. The land classification for this street is Commercial Class I Type - III.

How the guideline value of Shanmuga Padmavathi Nagar Phase-III has changed

Over the years, the guideline value of Shanmuga Padmavathi Nagar Phase-III has seen several revisions. The earliest recorded figure is from 2007, where the guideline value was Rs 100 per sq.ft. This increased significantly to Rs 1,300 per sq.ft in 2012, marking an increase of 1,200%. However, from 2012 to 2017, the value decreased to Rs 871 per sq.ft, reflecting a decline of 33%. The value then rose to Rs 1,300 per sq.ft in 2023, and it remains unchanged at this figure in the 2024 revision.

For the years 2002 and 2003, the register has no figure for this street. The most recent revisions show that the guideline value has increased by 49% from 2017 to 2023, and there has been no change from 2023 to 2024.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 2,000 per sq.ft, with a median value of Rs 1,000 per sq.ft. The guideline value for Shanmuga Padmavathi Nagar Phase-III is above this median.

• Shanmuga Padmavathi Nagar Phase-I: Rs 1,300 per sq.ft (2024)
• Shanmuga Padmavathi Nagar: Rs 1,300 per sq.ft (2024)
• Seran Street: Rs 1,300 per sq.ft (2024)
• Sengalvarayan Street: Rs 700 per sq.ft (2024)
• Sekizhar Street: Rs 1,300 per sq.ft (2024)
• Siru Thondan Street: Rs 1,300 per sq.ft (2024)

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

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

Which Sub Registrar Office covers Shanmuga Padmavathi Nagar Phase-III?

The Sub Registrar Office that covers Shanmuga Padmavathi Nagar Phase-III is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vengathur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with local regulations and to avoid any legal issues during the transaction.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives its due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shanmuga Padmavathi Nagar Phase-III?

The current guideline value of Shanmuga Padmavathi Nagar Phase-III is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 100 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2012. It then decreased to Rs 871 per sq.ft in 2017 and returned to Rs 1,300 per sq.ft in 2023 and 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Shanmuga Padmavathi Nagar Phase-III?

The Manavalanagar Sub Registrar Office covers Shanmuga Padmavathi Nagar Phase-III, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

What is the land classification for Shanmuga Padmavathi Nagar Phase-III?

The land classification for Shanmuga Padmavathi Nagar Phase-III is Commercial Class I Type - III, indicating its suitability for commercial activities.