Guideline Value for SHANMUGANAR NAGAR

Shanmuganar Nagar guideline value

The current guideline value of Shanmuganar Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Class II Type - II.

How the guideline value of Shanmuganar Nagar has changed

The guideline value for Shanmuganar Nagar has seen several revisions over the years. In 2002, the value was Rs 212 per sq.ft, which increased to Rs 249 per sq.ft in 2003. The value continued to rise, reaching Rs 500 per sq.ft in 2007. After a significant jump, it was revised to Rs 1,400 per sq.ft in 2012, but then decreased to Rs 938 per sq.ft in 2017. The value increased again to Rs 1,400 per sq.ft in 2023 and is now Rs 1,500 per sq.ft in 2024.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. There was a notable increase of 180% from 2007 to 2012. However, the value decreased by 33% from 2012 to 2017. Overall, from 2002 to 2024, the guideline value has increased by 608%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Shanmuganar Nagar is below this median.

• Shanmugapuram: Rs 1,500 per sq.ft (2024)
• SHANMUGAPURAM Extension: Rs 1,500 per sq.ft (2024)
• Shamuga Thottam Street: Rs 3,300 per sq.ft (2024)
• Shri Nagar: Rs 3,700 per sq.ft (2024)
• Selvavinayagar Koil Street: Rs 1,900 per sq.ft (2024)
• Sivagangapuram: Rs 2,150 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmuganar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,500 per sq.ft, the total guideline value would be Rs 15,00,000. The stamp duty at 7% would amount to Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, totaling Rs 1,35,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for a more precise calculation based on your specific property details.

Which Sub Registrar Office covers Shanmuganar Nagar?

The Sub Registrar Office that covers Shanmuganar Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Thiruvottiyur. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on an officially recognized value.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the financial implications of the transaction. The guideline value helps maintain transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Shanmuganar Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 212 per sq.ft in 2002 to Rs 1,500 per sq.ft in 2024, with various increases and decreases along the way.

What is the land classification of Shanmuganar Nagar?

Shanmuganar Nagar is classified as Residential Class II Type - II.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Shanmuganar Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 15,00,000 would incur a stamp duty of Rs 1,05,000 at the current rate of 7%.