Guideline Value for SHANMUGARAYAN STREET

Shanmugarayan Street guideline value

The current guideline value of Shanmugarayan Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Shanmugarayan Street has changed

The guideline value for Shanmugarayan Street has undergone several revisions over the years. In 2007, the value was set at Rs 1,100 per sq.ft. This increased significantly to Rs 4,500 per sq.ft in 2012, marking a 309% rise. However, in 2017, the value decreased to Rs 3,015 per sq.ft, reflecting a drop of 33%. The next revision in 2023 raised the value to Rs 4,500 per sq.ft, a 49% increase from the previous figure. Finally, the current guideline value is Rs 4,900 per sq.ft, which is a 9% increase from 2023.

The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, placing Shanmugarayan Street's 2024 value below that median.

• Sheik Muhaideen Subedar Road And Lane: Rs 4,900 per sq.ft (2024)
• Shiva Shanmugapuram 2nd Street (Marai Malai Nagar): Rs 3,800 per sq.ft (2024)
• Shiva Shanmugapuram All Blocks: Rs 3,800 per sq.ft (2024)
• Semman Pettai Main Street: Rs 7,100 per sq.ft (2024)
• Semman Pettai 3rd Street: Rs 7,100 per sq.ft (2024)
• Semman Pettai 2nd Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmugarayan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanmugarayan Street?

The Sub Registrar Office that covers Shanmugarayan Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees that buyers need to pay when purchasing property. This value is essential for ensuring that the transaction is recorded accurately and complies with local regulations.

When selling property, the guideline value is also referenced to establish the legal framework for the sale. It helps in maintaining transparency and fairness in property dealings, as it is a standardized measure set by the government.

Frequently asked questions

What is the current guideline value of Shanmugarayan Street?

The current guideline value of Shanmugarayan Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 345% over the years.

What is the land classification for Shanmugarayan Street?

Shanmugarayan Street is classified as Residential Class III Type - II, indicating its suitability for residential purposes.

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Shanmugarayan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 49,00,000, the stamp duty at 7% would be Rs 3,43,000.