Guideline Value for SHANMUGAPURAM

Shanmugapuram guideline value

The current guideline value of Shanmugapuram, located in Thiruvottiyur village under the Thiruvottiyur SRO, is Rs 1,500 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - II land classification.

How the guideline value of Shanmugapuram has changed

The guideline value for Shanmugapuram has seen several revisions over the years. In 2002, the value was Rs 211 per sq.ft, which increased to Rs 248 per sq.ft in 2003, marking an increase of 18%. The value then rose significantly to Rs 500 per sq.ft in 2007, reflecting a 102% increase. By 2012, the value was Rs 1,400 per sq.ft, which represented a substantial increase of 180% from the previous revision. However, this figure decreased to Rs 938 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value increased to Rs 1,400 per sq.ft, which is a notable rise of 49%. The most recent revision in 2024 set the value at Rs 1,500 per sq.ft, representing a 7% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 611%.

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 Shanmugapuram is below this median.

• SHANMUGAPURAM Extension: Rs 1,500 per sq.ft (2024)
• Shanmuganar Nagar: 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 Shanmugapuram

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, making the total Rs 1,35,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanmugapuram?

The Sub Registrar Office that covers Shanmugapuram 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 is a crucial factor during the registration of property transactions in Thiruvottiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling a property, it is essential to be aware of the guideline value, as it affects the stamp duty and registration fees that need to be paid. This value is updated periodically to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value of Shanmugapuram?

The current guideline value of Shanmugapuram 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, from Rs 211 per sq.ft in 2002 to Rs 1,500 per sq.ft in 2024, representing an overall increase of 611%.

What is the land classification of Shanmugapuram?

Shanmugapuram falls under the Residential Class II Type - II land classification.

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 the stamp duty calculated for properties in Shanmugapuram?

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 7%.