Guideline Value for SHANTHI NAGAR

Shanthi Nagar guideline value

The current guideline value of Shanthi Nagar, located in Kovur village under the Kunrathur SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Residential Special Type - I land classification.

How the guideline value of Shanthi Nagar has changed

Shanthi Nagar has seen several revisions in its guideline value 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. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a 10% increase, reflecting the fluctuations in property value over the years.

Guideline values in Kovur

Kovur village has 91 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the current guideline value of Shanthi Nagar.

• Selva Ganapathy Nagar: Rs 1,650 per sq.ft (2024)
• South Mada Street: Rs 1,650 per sq.ft (2024)
• S.P.E Avenue: Rs 2,630 per sq.ft (2024)
• Sree Srinivasan Nagar Extension: Rs 2,300 per sq.ft (2024)
• Sri Adhilakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Sri Adhilakshmi nagar Extn: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for these fees Rs 1,48,500. 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 further assistance.

Which Sub Registrar Office covers Shanthi Nagar?

The Sub Registrar Office that covers Shanthi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kovur. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When a property is sold, the guideline value acts as a benchmark for the transaction, ensuring that the sale price is not significantly lower than the established value. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from stamp duties.

Frequently asked questions

What is the current guideline value of Shanthi Nagar?

The current guideline value of Shanthi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase being 10% from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024.

What is the land classification of Shanthi Nagar?

Shanthi Nagar falls under the Residential Special Type - I land classification.

What are the stamp duty and registration fees for a property in Shanthi Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a property valued at Rs 16,50,000, the total fees would amount to Rs 1,48,500.

Where is the Sub Registrar Office for Shanthi Nagar located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.