Guideline Value for SHASTRI NAGAR STREETS

Shastri Nagar Streets guideline value

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

How the guideline value of Shastri Nagar Streets has changed

The guideline value for Shastri Nagar Streets has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 420 per sq.ft. This increased to Rs 461 per sq.ft in 2003, marking a 10% rise. In 2007, the value jumped significantly to Rs 500 per sq.ft, a change of 8%. The next revision in 2017 saw a substantial increase to Rs 1,340 per sq.ft, which is a 168% rise from the previous figure. The 2023 revision set the value at Rs 2,000 per sq.ft, reflecting a 49% increase from 2017. The most recent revision in 2024 has established the current value at Rs 2,200 per sq.ft, which is a 10% increase from 2023. Notably, there is no recorded figure for the year 2012 for this street.

Overall, from 2002 to 2024, the guideline value has increased by 424%, highlighting significant changes over the years.

Guideline values in Perambur

In Perambur village, 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 value in this area is Rs 2,700 per sq.ft, indicating that the guideline value for Shastri Nagar Streets is below this median.

• Shastri Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 6th Street: 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 Streets

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 cost 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. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shastri Nagar Streets?

The Shastri Nagar Streets fall under the jurisdiction of 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 plays a crucial role during the registration of property transactions in Perambur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two figures will be used to calculate the applicable stamp duty and registration fees, ensuring that both buyers and sellers are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value for Shastri Nagar Streets?

The current guideline value for Shastri Nagar Streets 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 seen significant increases from Rs 420 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 424%.

What are the stamp duty rates for property in Shastri Nagar Streets?

The stamp duty for property in Shastri Nagar Streets is charged at 7% of the guideline value or sale price, whichever is higher.

Which office handles property registrations in Shastri Nagar Streets?

The Purasaivakkam Sub Registrar Office handles property registrations for Shastri Nagar Streets, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum value for registration of properties, impacting the calculation of stamp duty and registration fees during transactions.