Guideline Value for SHANMUGAPURAM

Shanmugapuram guideline value

The current guideline value of Shanmugapuram is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village and falls under the Mylapore Sub Registrar Office (SRO). The land classification for this street is Residential Class V Type - III.

How the guideline value of Shanmugapuram has changed

The guideline value for Shanmugapuram has undergone several revisions over the years. In 2002, the guideline value was Rs 783 per sq.ft, which increased to Rs 870 per sq.ft in 2003, marking an 11% rise. The next significant revision occurred in 2012, where the value remained at Rs 3,000 per sq.ft. Following this, the 2023 revision also kept the value at Rs 3,000 per sq.ft, showing no change from the previous revision.

The most recent revision in 2024 saw a notable increase to Rs 3,300 per sq.ft, representing a 10% rise from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 321%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Shanmugapuram's 2024 figure below this median.

• Shanmugapuram Huts: Rs 3,300 per sq.ft (2024)
• Shanmugam Pillai Street: Rs 8,200 per sq.ft (2024)
• Selvarajapuram (Dooming Kuppam): Rs 3,300 per sq.ft (2024)
• Singara Naicken Street: Rs 8,200 per sq.ft (2024)
• School View Road: Rs 9,300 per sq.ft (2024)
• Sivaraman Street: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmugapuram

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. 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 more detailed calculations.

Which Sub Registrar Office covers Shanmugapuram?

The Sub Registrar Office that covers Shanmugapuram is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Mylapore, as it determines the amount of stamp duty and registration fees payable at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the sale process.

When purchasing property, the guideline value serves as a reference point for the minimum value at which a property can be registered. This ensures that the property is not undervalued for tax purposes, providing a transparent framework for property transactions.

Frequently asked questions

What is the current guideline value of Shanmugapuram?

The current guideline value of Shanmugapuram is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 783 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 321%.

What is the registration fee for property in Shanmugapuram?

The registration fee is calculated at 2% of the guideline value or the sale price, whichever is higher.

Where is the Mylapore Sub Registrar Office located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the stamp duty calculated for properties in Mylapore?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, and is payable at the time of registration.