Guideline Value for SHANTHI STREET

Shanthi Street guideline value

The current guideline value of Shanthi Street in Medavakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Shanthi Street has changed

The guideline value for Shanthi Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, which is an increase from Rs 2,500 per sq.ft in 2023, marking a change of +10%. Prior to that, the 2017 revision recorded a value of Rs 1,675 per sq.ft, reflecting a significant increase of +49% to the 2023 figure. The 2012 revision also had a value of Rs 2,500 per sq.ft, which was a decrease of -33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by +10%.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Shanthi Street. The 2012 revision was the first recorded figure for this street, followed by the changes noted above.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Shanthi Street's 2024 figure above that median.

• Sharmila Avenue: Rs 2,750 per sq.ft (2024)
• Shanthi Avenue: Rs 2,750 per sq.ft (2024)
• Shirdi Avenue: Rs 3,300 per sq.ft (2024)
• Shirdi Shelters Avenue: Rs 5,750 per sq.ft (2024)
• Shri K.M.N. Nagar: Rs 2,750 per sq.ft (2024)
• Shrinivasa Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost together to Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanthi Street?

The Sub Registrar Office that covers Shanthi Street is the Chennai South Joint I Sub Registrar Office, located at the Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value helps in assessing the fair value of the transaction. If the sale price exceeds the guideline value, the stamp duty is calculated based on the higher amount, ensuring compliance with the regulatory requirements set by the registration authorities.

Frequently asked questions

What is the current guideline value of Shanthi Street?

The current guideline value of Shanthi Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, an increase of +10%. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012.

What is the land classification of Shanthi Street?

Shanthi Street is classified as Commercial Class I Type - III under the Chennai South Joint I SRO.

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

The Sub Registrar Office for Shanthi Street is the Chennai South Joint I Sub Registrar Office, located at the Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Shanthi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000.