Guideline Value for SHASTRI NAGAR 2ND STREET

Shastri Nagar 2nd Street guideline value

The current guideline value of Shastri Nagar 2nd 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 2nd Street has changed

The guideline value for Shastri Nagar 2nd Street has undergone several revisions over the years. In the 2007 revision, the value was Rs 500 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in the 2012 revision. However, it then decreased by 33% to Rs 1,340 per sq.ft in the 2017 revision. The value saw a substantial increase of 49% in the 2023 revision, reaching Rs 2,000 per sq.ft, and has further risen by 10% to the current value of Rs 2,200 per sq.ft in the 2024 revision.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Perambur

In Perambur, the guideline values for 1114 streets under the Purasaivakkam SRO range from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Shastri Nagar 2nd Street is below this median.

• Shastri Nagar 2nd Lane: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 22nd Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 21st Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shastri Nagar 2nd Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to 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, totaling Rs 1,98,000. It is important to note that the 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 precise calculations.

Which Sub Registrar Office covers Shastri Nagar 2nd Street?

The Sub Registrar Office that covers Shastri Nagar 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price.

When registering a property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Shastri Nagar 2nd Street?

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

How much has the guideline value changed over the years?

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

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for Shastri Nagar 2nd Street?

The Purasaivakkam Sub Registrar Office handles the registration for Shastri Nagar 2nd Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How does the guideline value affect property transactions?

The guideline value establishes the minimum price for property registration and is used to calculate the stamp duty and registration fees, ensuring that transactions are fairly documented.