Guideline Value for SHANMUGAM NAGAR

Shanmugam Nagar guideline value

The current guideline value of Shanmugam Nagar is Rs 226 per sq.ft, effective from 1 July 2024. This area is located in Kizhnallathur & Melnallathur village, under the jurisdiction of the Manavalanagar SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Shanmugam Nagar has changed

Shanmugam Nagar has undergone several revisions in its guideline value over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 225 per sq.ft. This figure saw a decrease of 33% in the subsequent revision in 2017, which set the value at Rs 151 per sq.ft. However, from 2017 to 2023, the guideline value increased by 50%, bringing it back to Rs 226 per sq.ft. The 2023 revision maintained this value, and the same Rs 226 per sq.ft is set for the 2024 revision as well. Notably, there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Overall, when comparing the guideline values from 2012 to 2024, there has been no significant change, remaining at Rs 226 per sq.ft. This stability reflects the consistent valuation since the 2023 revision, where the value remained unchanged. The historical fluctuations highlight the adjustments made in response to market conditions, but the current value aligns with the recent revisions.

Guideline values in Kizhnallathur & Melnallathur

In Kizhnallathur & Melnallathur, there are 67 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 175 to Rs 1,201 per sq.ft. The median value for these streets is Rs 250 per sq.ft, placing the Shanmugam Nagar guideline value below this median. This indicates that while Shanmugam Nagar has a stable value, it is comparatively lower than many other streets in the area.

• Siva Srinivasa Nagar: Rs 250 per sq.ft (2024)
• Sankarachariyar Nagar: Rs 350 per sq.ft (2024)
• Sakthi Garden: Rs 1,201 per sq.ft (2024)
• Sai Sundaram Nagar: Rs 226 per sq.ft (2024)
• Sai Santhosh Nagar: Rs 226 per sq.ft (2024)
• Sai Nagar: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmugam Nagar

For a property in Shanmugam Nagar, if you consider a 1,000 sq.ft plot at the current guideline value of Rs 226 per sq.ft, the total guideline value would amount to Rs 2,26,000. The stamp duty, charged at 7%, would be Rs 15,820, while the registration fee at 2% would be Rs 4,520. This brings the total cost for stamp duty and registration fees to Rs 20,340. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanmugam Nagar?

The Sub Registrar Office that covers Shanmugam Nagar is the Manavalanagar Sub Registrar Office. The address is Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kizhnallathur & Melnallathur

The guideline value plays a crucial role in the property registration process in Kizhnallathur & Melnallathur. When buying or selling property, the guideline value is used to determine the amount of stamp duty and registration fees payable. This value ensures that the government receives the appropriate revenue from property transactions.

Additionally, the guideline value serves as a benchmark for assessing property values in the area. It helps maintain transparency in property transactions, allowing buyers and sellers to have a clear understanding of the financial implications associated with their property dealings.

Frequently asked questions

What is the current guideline value of Shanmugam Nagar?

The current guideline value of Shanmugam Nagar is Rs 226 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent being Rs 226 per sq.ft in both 2023 and 2024. The value was Rs 151 per sq.ft in 2017 and Rs 225 per sq.ft in 2012.

What is the land classification of Shanmugam Nagar?

Shanmugam Nagar is classified as Residential Class II Type - I. This classification is important for determining the appropriate uses for the land.

Where can I find the registration office for Shanmugam Nagar?

The registration office for Shanmugam Nagar is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai.

How is the stamp duty calculated for properties in Shanmugam Nagar?

Stamp duty for properties in Shanmugam Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 226 per sq.ft, the total guideline value would be Rs 2,26,000, leading to a stamp duty of Rs 15,820.