Guideline Value for SHOBHA CASTLE PHASE - I - RADHAKRISHNAN NAGAR

Shobha Castle Phase - I - Radhakrishnan Nagar guideline value

The current guideline value of Shobha Castle Phase - I - Radhakrishnan Nagar is Rs 2,510 per sq.ft, effective from 1 July 2024. This property is located in Varadarajapuram village under the Padappai SRO, classified as Residential Special Type - IV.

How the guideline value of Shobha Castle Phase - I - Radhakrishnan Nagar has changed

The guideline value for Shobha Castle Phase - I - Radhakrishnan Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,510 per sq.ft, which is a 10% increase from Rs 2,277 per sq.ft in the 2023 revision. Prior to that, the 2017 revision recorded a value of Rs 1,525 per sq.ft, reflecting a significant increase of 49% over the six years leading up to 2023. Overall, from 2017 to 2024, the guideline value has increased by 65%.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street. The absence of these figures means that the guideline value has only been established from 2017 onwards.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value of Shobha Castle Phase - I - Radhakrishnan Nagar is above this median.

• Shobha Castle Phase - II - Radhakrishnan Nagar: Rs 2,510 per sq.ft (2024)
• Shobha Queens Land: Rs 2,960 per sq.ft (2024)
• Shoba Empire: Rs 2,630 per sq.ft (2024)
• Shri Kishanlal Avenue: Rs 3,300 per sq.ft (2024)
• Shriram Nagar Extension: Rs 1,650 per sq.ft (2024)
• Shanthinikethan Nagar Extension: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Shobha Castle Phase - I - Radhakrishnan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,510 per sq.ft, the total guideline value amounts to Rs 25,10,000. The stamp duty at 7% would be Rs 1,75,700, and the registration fee at 2% would be Rs 50,200, bringing the total cost for these fees to Rs 2,25,900. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Shobha Castle Phase - I - Radhakrishnan Nagar?

The Sub Registrar Office that covers Shobha Castle Phase - I - Radhakrishnan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Varadarajapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair assessment of the property’s worth.

When buying or selling property, the guideline value is used to calculate applicable fees such as stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Shobha Castle Phase - I - Radhakrishnan Nagar?

The current guideline value of Shobha Castle Phase - I - Radhakrishnan Nagar is Rs 2,510 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased by 65%, rising from Rs 1,525 per sq.ft to Rs 2,510 per sq.ft in 2024.

What is the land classification for Shobha Castle Phase - I - Radhakrishnan Nagar?

The land classification for Shobha Castle Phase - I - Radhakrishnan Nagar is Residential Special Type - IV.

Where can I find the registration office for this property?

The registration office for Shobha Castle Phase - I - Radhakrishnan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in Varadarajapuram?

Stamp duty for properties in Varadarajapuram is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 25,10,000, the stamp duty at 7% would be Rs 1,75,700.