Guideline Value for SHASTRI NAGAR 8TH STREET

Shastri Nagar 8th Street guideline value

The current guideline value of Shastri Nagar 8th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO and is classified as Residential Class IV Type - I.

How the guideline value of Shastri Nagar 8th Street has changed

The guideline value for Shastri Nagar 8th Street has undergone several revisions over the years. In 2007, the guideline value was Rs 500 per sq.ft, which increased to Rs 1,340 per sq.ft in 2017. This represents a significant increase of 168%. The most recent revision in 2024 saw the guideline value rise to Rs 2,200 per sq.ft, marking a 64% increase from the 2017 figure. There are no figures available for the years 2002, 2003, 2012, and 2023 in the register for this street.

Overall, from 2007 to 2024, the guideline value has increased by 340%. The steady rise in the guideline value reflects changes in the local real estate landscape over the years.

Guideline values in Perambur

In Perambur, there are a total of 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, indicating that Shastri Nagar 8th Street's 2024 value is below the median.

• Shastri Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar Streets: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shastri Nagar 8th 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 amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to 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.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shastri Nagar 8th Street?

The Sub Registrar Office that covers Shastri Nagar 8th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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 stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shastri Nagar 8th Street?

The current guideline value of Shastri Nagar 8th 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 1,340 per sq.ft in 2017, and then to Rs 2,200 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2012, and 2023 for this street.

What is the land classification of Shastri Nagar 8th Street?

Shastri Nagar 8th Street is classified as Residential Class IV Type - I, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Shastri Nagar 8th Street?

The Sub Registrar Office covering Shastri Nagar 8th Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in Shastri Nagar 8th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.