Guideline Value for SHANTHI COLONY

Shanthi Colony guideline value

The current guideline value of Shanthi Colony, located in Ernavur village under the Thiruvottiyur SRO, is Rs 1,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

How the guideline value of Shanthi Colony has changed

Over the years, the guideline value of Shanthi Colony has seen significant changes. The 2007 revision set the value at Rs 350 per sq.ft, which increased dramatically to Rs 1,300 per sq.ft in 2012, marking a rise of 271%. However, this was followed by a decrease to Rs 871 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 1,300 per sq.ft in 2023, before reaching the current figure of Rs 1,400 per sq.ft in 2024, reflecting an increase of 8%.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 300%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Ernavur

In Ernavur, there are 82 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 7,300 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, indicating that the guideline value of Shanthi Colony is below this median.

• Sakthipuram Main Road: Rs 3,800 per sq.ft (2024)
• Sakthipuram: Rs 3,800 per sq.ft (2024)
• Srinivasa Perumal Koil street/Perumal Koil street: Rs 1,400 per sq.ft (2024)
• Rukmani Nagar: Rs 1,800 per sq.ft (2024)
• Sri Rangam New Town And All Phases: Rs 3,800 per sq.ft (2024)
• Ramanathapuram Nagar/Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,400 per sq.ft, the total guideline value amounts to Rs 14,00,000. The stamp duty at 7% would be Rs 98,000, and the registration fee at 2% would be Rs 28,000, leading to a total of Rs 1,26,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanthi Colony?

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

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

The guideline value plays a crucial role in property transactions within Ernavur. It serves as the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions. Buyers and sellers must be aware of this value to avoid any discrepancies during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that all transactions are documented and comply with local regulations.

Frequently asked questions

What is the current guideline value of Shanthi Colony?

The current guideline value of Shanthi Colony is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 350 per sq.ft in 2007 to Rs 1,400 per sq.ft in 2024, reflecting an overall increase of 300% over this period.

What is the land classification for Shanthi Colony?

Shanthi Colony is classified as Residential Class I Type - III, indicating its designation for residential use.

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 in Shanthi Colony?

Stamp duty in Shanthi Colony is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 14,00,000, the stamp duty at 7% would be Rs 98,000.