Guideline Value for SHASTRI NAGAR

Shastri Nagar guideline value

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

How the guideline value of Shastri Nagar has changed

The guideline value for Shastri Nagar has undergone several revisions over the years. In 2002, the value was Rs 393 per sq.ft, which increased to Rs 461 per sq.ft in 2003. Following this, the value saw a rise to Rs 500 per sq.ft in 2007, and then a significant jump to Rs 2,000 per sq.ft in 2012. However, in 2017, the value decreased to Rs 1,340 per sq.ft. The 2023 revision marked an increase to Rs 2,000 per sq.ft, and the latest revision in 2024 set the value at Rs 2,200 per sq.ft.

Notably, the changes between these revisions include a +17% increase from 2002 to 2003, an +8% rise from 2003 to 2007, a +300% increase from 2007 to 2012, a -33% decrease from 2012 to 2017, a +49% increase from 2017 to 2023, and a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +460%.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO, with guideline values for 2024 ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, positioning Shastri Nagar's 2024 figure below this median.

• Shastri Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 11th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 12th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 13th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 14th Street: Rs 2,200 per sq.ft (2024)
• Shastri Nagar 15th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shastri Nagar

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, while the registration fee at 2% would be Rs 44,000. Together, the total fee would be 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, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shastri Nagar?

The Sub Registrar Office that covers Shastri Nagar 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 property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of property transactions. Proper understanding of this value ensures compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Shastri Nagar?

The current guideline value of Shastri Nagar 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 393 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing an overall increase of +460%.

What are the stamp duty rates applicable in Shastri Nagar?

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

Which Sub Registrar Office covers Shastri Nagar?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum value for property registration and is essential for calculating stamp duty and registration fees during property transactions.