Guideline Value for SHANTHINEKETHAN COLONY

Shanthinekethan Colony guideline value

The current guideline value of Shanthinekethan Colony is Rs 9,900 per sq.ft, effective from 1 July 2024. This colony is located in Padi village under the Villivakkam SRO, and the land classification is Residential Special Type - II.

How the guideline value of Shanthinekethan Colony has changed

The guideline value for Shanthinekethan Colony has undergone several revisions over the years. In 2007, the guideline value was Rs 1,650 per sq.ft. This increased significantly to Rs 9,000 per sq.ft in 2012, marking a substantial rise of 445%. However, by 2017, the value decreased to Rs 6,030 per sq.ft, reflecting a drop of 33%. The value then rose again to Rs 9,000 per sq.ft in 2023, and most recently, it has increased to Rs 9,900 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 500%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for the village is Rs 3,800 per sq.ft, positioning Shanthinekethan Colony's 2024 figure above this median.

• Shanthi Nagar: Rs 5,400 per sq.ft (2024)
• Sheham Avenue (Park Road): Rs 9,700 per sq.ft (2024)
• Shankar Flats: Rs 2,800 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 Shanthinekethan Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total fees to Rs 8,91,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanthinekethan Colony?

The Sub Registrar Office that covers Shanthinekethan Colony is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

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 at which the property can be registered, ensuring that the transaction is recorded at a fair value as per government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shanthinekethan Colony?

The current guideline value of Shanthinekethan Colony is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,650 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, reflecting a total increase of 500% over the years.

What is the land classification for Shanthinekethan Colony?

The land classification for Shanthinekethan Colony is Residential Special Type - II, indicating the specific use and zoning of the property.

Where can I find the Sub Registrar Office for Shanthinekethan Colony?

The Villivakkam Sub Registrar Office covers Shanthinekethan Colony and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Shanthinekethan Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 99,00,000, the stamp duty would be Rs 6,93,000 at 7%.