Guideline Value for SHASTRI NAGAR 7TH STREET

Shastri Nagar 7th Street guideline value

The current guideline value of Shastri Nagar 7th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of Shastri Nagar 7th Street has changed

The guideline value for Shastri Nagar 7th Street has seen several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a 300% rise. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, which was a 49% increase from the previous figure. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, a 10% increase from 2023.

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

Guideline values in Perambur

In Perambur, there are 1,114 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, making the guideline value of Shastri Nagar 7th Street below that median.

• Shastri Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar Streets: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shastri Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shastri Nagar 7th Street?

The Sub Registrar Office that covers Shastri Nagar 7th 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 determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately in the official registry.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the agreed sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Shastri Nagar 7th Street?

The current guideline value of Shastri Nagar 7th 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 significantly, from Rs 500 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking a total increase of 340% over the years.

What are the stamp duty and registration fees for property in Shastri Nagar 7th Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Shastri Nagar 7th Street?

The Purasaivakkam Sub Registrar Office covers Shastri Nagar 7th Street, located at 93/1, Bricklin Road, Otteri, Chennai-600 012.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the minimum value for calculating stamp duty and registration fees. Buyers must pay duty based on the higher of the guideline value or the sale price.