Guideline Value for SHANTHI NAGAR

Shanthi Nagar guideline value

The current guideline value of Shanthi Nagar is Rs 3,800 per sq.ft, effective from 1 July 2024. This locality is situated in Korattur village, under the jurisdiction of the Villivakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - I.

How the guideline value of Shanthi Nagar has changed

The guideline value of Shanthi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 70 per sq.ft, which increased dramatically to Rs 800 per sq.ft in 2007. Following that, the value surged to Rs 3,500 per sq.ft in 2012, then dropped to Rs 2,345 per sq.ft in 2017. The value then rose again to Rs 3,500 per sq.ft in 2023, before reaching the current figure of Rs 3,800 per sq.ft in 2024. Notably, the register has no figure for the year 2003.

Examining the percentage changes between these revisions, from 2002 to 2007, there was a remarkable increase of +1,043%. From 2007 to 2012, there was a substantial increase of +338%. However, the value decreased by -33% from 2012 to 2017. The value then saw a significant increase of +49% from 2017 to 2023, and finally, there was a +9% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +5,329%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Shanthi Nagar's 2024 figure above this median.

• Senthil Nagar: Rs 2,100 per sq.ft (2024)
• Senthil Murugan Nagar: Rs 2,100 per sq.ft (2024)
• Sidco Industrial Estate: Rs 3,300 per sq.ft (2024)
• Senbaga Nagar (Near Vivekanantha Nagar): Rs 2,700 per sq.ft (2024)
• Senbaga Nagar: Rs 1,300 per sq.ft (2024)
• Senai Thalaivar Nagar Extension: Rs 1,300 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 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty, charged at 7%, would be Rs 2,66,000, while the registration fee, charged at 2%, would be Rs 76,000. Together, the total fees would be Rs 3,42,000. 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 Nagar?

The Sub Registrar Office that covers Shanthi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transacted, safeguarding the interests of both parties involved.

Frequently asked questions

What is the current guideline value of Shanthi Nagar?

The current guideline value of Shanthi Nagar is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 70 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, marking an overall increase of +5,329%.

What is the land classification for Shanthi Nagar?

Shanthi Nagar falls under the land classification of Residential Class II Type - I.

Where can I find the Sub Registrar Office for Shanthi Nagar?

The Villivakkam Sub Registrar Office covers Shanthi Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated in Shanthi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 at a rate of 7%.