Guideline Value for SHANTHI NAGAR

Shanthi Nagar guideline value

The current guideline value of Shanthi Nagar, located in Padi village under the Villivakkam SRO, is Rs 5,400 per sq.ft as per the 2024 revision effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Shanthi Nagar has changed

Over the years, the guideline value of Shanthi Nagar has seen significant changes. In the 2007 revision, the value was Rs 850 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012, marking a substantial increase of 488%. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, a decline of 33%. The value then rose sharply to Rs 5,000 per sq.ft in 2023, and further increased to Rs 5,400 per sq.ft in the 2024 revision, reflecting an 8% rise.

In terms of percentage changes, the value rose by 49% from 2017 to 2023. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 535%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Shanthi Nagar's 2024 guideline value above this median.

• Shanthinekethan Colony: Rs 9,900 per sq.ft (2024)
• Shankar Flats: Rs 2,800 per sq.ft (2024)
• Sheham Avenue (Park Road): Rs 9,700 per sq.ft (2024)
• Seventh Avenue (Jawaharlal Nehru Road Or 200feet Road): Rs 13,100 per sq.ft (2024)
• Silver Palms: Rs 2,500 per sq.ft (2024)
• Sivan Koil Street (Koil Land): Rs 2,500 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 5,400 per sq.ft, the total guideline value amounts to Rs 54,00,000. The stamp duty at 7% would be Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, totaling Rs 4,86,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padi. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded at a fair value.

When a property is sold, if the sale price is higher than the guideline value, the stamp duty is calculated on the sale price. Conversely, if the sale price is lower, the guideline value is used for the calculation, safeguarding revenue for the state.

Frequently asked questions

What is the current guideline value of Shanthi Nagar?

The current guideline value of Shanthi Nagar is Rs 5,400 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2007 to Rs 5,400 per sq.ft in 2024, reflecting an overall increase of 535% over this period.

What is the median guideline value in Padi?

The median guideline value for the 354 streets in Padi under the Villivakkam SRO is Rs 3,800 per sq.ft, with Shanthi Nagar's value being above this median.

What are the stamp duty rates for property in Shanthi Nagar?

The stamp duty for property in Shanthi Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Shanthi Nagar located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.