Guideline Value for SHEHAM AVENUE (PARK ROAD)

Sheham Avenue (Park Road) guideline value

The current guideline value of Sheham Avenue (Park Road) is Rs 9,700 per sq.ft, effective from 1 July 2024. This street is located in Padi village, under the Villivakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Sheham Avenue (Park Road) has changed

The guideline value for Sheham Avenue (Park Road) has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 9,000 per sq.ft. This was followed by a decrease to Rs 6,030 per sq.ft in 2017. The 2023 revision saw an increase to Rs 9,000 per sq.ft, and the most recent revision in 2024 has set the value at Rs 9,700 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 reflects an 8% rise. Overall, comparing the figures from 2012 to 2024, there has been an 8% increase in the guideline value.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as of 2024. The median guideline value in this area is Rs 3,800 per sq.ft, placing Sheham Avenue (Park Road) above that median.

• Shanthinekethan Colony: Rs 9,900 per sq.ft (2024)
• Shanthi Nagar: Rs 5,400 per sq.ft (2024)
• Shankar Flats: Rs 2,800 per sq.ft (2024)
• Seventh Avenue (Jawaharlal Nehru Road Or 200feet Road): Rs 13,100 per sq.ft (2024)
• Silver Palms: Rs 2,500 per sq.ft (2024)
• Sivan Koil Street (Koil Land): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sheham Avenue (Park Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 9,700 per sq.ft, the total guideline value amounts to Rs 97,00,000. The stamp duty at 7% would be Rs 6,79,000, and the registration fee at 2% would be Rs 1,94,000, bringing the total cost to Rs 8,73,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sheham Avenue (Park Road)?

The Sub Registrar Office that covers Sheham Avenue (Park Road) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions, as it determines the minimum value for registration purposes. When buying or selling property in Padi, the guideline value helps in calculating the stamp duty and registration fees that need to be paid during the registration process.

It is crucial for buyers and sellers to be aware of the current guideline value, as it impacts the overall cost of the transaction. Accurate knowledge of this value ensures compliance with legal requirements and helps in making informed decisions.

Frequently asked questions

What is the current guideline value of Sheham Avenue (Park Road)?

The current guideline value of Sheham Avenue (Park Road) is Rs 9,700 per sq.ft, effective from 1 July 2024.

How has the guideline value of Sheham Avenue changed over the years?

The guideline value has changed from Rs 9,000 per sq.ft in 2012 to Rs 6,030 per sq.ft in 2017, then back to Rs 9,000 per sq.ft in 2023, and finally to Rs 9,700 per sq.ft in 2024.

What is the land classification for Sheham Avenue?

Sheham Avenue (Park Road) is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Sheham Avenue?

For a property valued at Rs 97,00,000, the stamp duty would be Rs 6,79,000 and the registration fee would be Rs 1,94,000, totaling Rs 8,73,000.

Which office handles the registration for Sheham Avenue?

The Villivakkam Sub Registrar Office handles the registration for Sheham Avenue (Park Road), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.