Guideline Value for SHANMUGA PADMAVATHI NAGAR

Shanmuga Padmavathi Nagar guideline value

The current guideline value of Shanmuga Padmavathi Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Vengathur village under the Manavalanagar SRO, classified as Commercial Class I Type - III.

How the guideline value of Shanmuga Padmavathi Nagar has changed

The guideline value for Shanmuga Padmavathi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2007, set at Rs 125 per sq.ft. This increased significantly to Rs 1,300 per sq.ft in 2012, marking a substantial rise of 940%. However, it then decreased to Rs 871 per sq.ft in 2017, a drop of 33%. From 2017 to 2023, the value rose by 49% to Rs 1,300 per sq.ft, and it remained unchanged in the 2024 revision.

The register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 940%.

Guideline values in Vengathur

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

• Shanmuga Padmavathi Nagar Phase-I: Rs 1,300 per sq.ft (2024)
• Shanmuga Padmavathi Nagar Phase-III: 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

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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 Padmavathi Nagar?

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

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

The guideline value plays a crucial role during property transactions in Vengathur. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory for property transactions. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared with the sale price. The higher of the two is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shanmuga Padmavathi Nagar?

The current guideline value of Shanmuga Padmavathi Nagar 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 changed from Rs 125 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, with various revisions in between. The most significant increase occurred between 2007 and 2012.

What is the median guideline value in Vengathur?

The median guideline value in Vengathur is Rs 1,000 per sq.ft, with Shanmuga Padmavathi Nagar's current value being above this median.

What are the stamp duty and registration fees for property in Shanmuga Padmavathi Nagar?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,17,000, calculated based on the guideline value of Rs 13,00,000.

Which office registers properties in Shanmuga Padmavathi Nagar?

The Manavalanagar Sub Registrar Office is responsible for registering properties in Shanmuga Padmavathi Nagar, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.