Guideline Value for SHASTRI NAGAR 1ST STREET

Shastri Nagar 1st Street guideline value

The current guideline value of Shastri Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Shastri Nagar 1st Street has changed

The guideline value for Shastri Nagar 1st Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the value was Rs 500 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a 300% rise. However, it then decreased to Rs 1,340 per sq.ft in 2017, which is a 33% drop. Following this, the value rose to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for Shastri Nagar 1st Street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Perambur

In Perambur, there are 1114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing Shastri Nagar 1st Street's 2024 figure below this median.

• Shastri Nagar 19th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 20th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 18th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 21st Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 17th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 22nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shastri Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that 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 more details.

Which Sub Registrar Office covers Shastri Nagar 1st Street?

The Sub Registrar Office that covers Shastri Nagar 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property in Perambur. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when a property is bought or sold.

When a buyer or seller approaches the registration office, the guideline value helps in calculating the total costs involved in the transaction. This ensures that all parties are aware of the financial obligations associated with the property transfer.

Frequently asked questions

What is the current guideline value of Shastri Nagar 1st Street?

The current guideline value of Shastri Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 500 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024. This represents an overall increase of 340% over the years.

What is the median guideline value in Perambur?

The median guideline value for streets in Perambur under the Purasaivakkam SRO is Rs 2,700 per sq.ft, which is above the current value of Shastri Nagar 1st Street.

What are the stamp duty rates applicable?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher. The registration fee is 2% of the guideline value.

Where is the Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, and it covers Shastri Nagar 1st Street.