Guideline Value for SHANMUGAPRIYA NAGAR (WARD-21)

Shanmugapriya Nagar (Ward-21) guideline value

The current guideline value for Shanmugapriya Nagar (Ward-21) is Rs 1,651 per sq.ft, effective from 1 July 2024. This area is located in Potheri village under the Chengleput Joint II SRO and is classified as Residential Special Type - III.

How the guideline value of Shanmugapriya Nagar (Ward-21) has changed

The guideline value for Shanmugapriya Nagar (Ward-21) has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, the value significantly increased by 49%, reaching Rs 1,500 per sq.ft. The latest revision in 2024 has further raised the guideline value to Rs 1,651 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Potheri

Potheri village has a total of 129 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 2,970 per sq.ft. The median guideline value in Potheri is Rs 770 per sq.ft, positioning Shanmugapriya Nagar (Ward-21) above this median value.

• Sheep Farm Road (Ward-21): Rs 660 per sq.ft (2024)
• School Street (Ward -1): Rs 770 per sq.ft (2024)
• Samundeeswari Naga Potheri (Ward-20): Rs 1,980 per sq.ft (2024)
• Sri Kamatchi Amman Nagar (Tai): Rs 1,100 per sq.ft (2024)
• Sri Kamatchi Nagar Extension (Tai): Rs 1,100 per sq.ft (2024)
• Ruthra Avenue (Tai): Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmugapriya Nagar (Ward-21)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,651 per sq.ft, the total guideline value would be Rs 16,51,000. The stamp duty at 7% would amount to Rs 1,15,570, and the registration fee at 2% would be Rs 33,020, bringing the total to Rs 1,48,590. Note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Shanmugapriya Nagar (Ward-21)?

The Sub Registrar Office that covers Shanmugapriya Nagar (Ward-21) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002 in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process of property transactions in Potheri. It serves as a benchmark for determining the stamp duty and registration fees applicable on the property, ensuring that these fees are calculated based on the established value rather than the sale price alone.

When buying or selling property, it is essential to be aware of the current guideline value as it directly influences the costs associated with the transaction. Buyers should ensure that they are informed about the guideline value to avoid any unexpected fees during the registration process.

Frequently asked questions

What is the current guideline value of Shanmugapriya Nagar (Ward-21)?

The current guideline value of Shanmugapriya Nagar (Ward-21) is Rs 1,651 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,651 per sq.ft in 2024.

What is the land classification of Shanmugapriya Nagar (Ward-21)?

Shanmugapriya Nagar (Ward-21) is classified as Residential Special Type - III.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot at the current rate incurs a total of Rs 1,48,590 in fees.

Which Sub Registrar Office covers Shanmugapriya Nagar (Ward-21)?

The Chengleput Joint II Sub Registrar Office covers Shanmugapriya Nagar (Ward-21), located at 10, Kancheepuram Main Road, Chengalpattu 603 002.