Guideline Value for SHRI SHANMUGA AVENUE

Shri Shanmuga Avenue guideline value

The current guideline value of Shri Shanmuga Avenue is Rs 2,420 per sq.ft, effective from 1 July 2024. This street is located in Perumalagaram village, which falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Shri Shanmuga Avenue has changed

The guideline value for Shri Shanmuga Avenue has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 31 per sq.ft. In 2003, it increased to Rs 40 per sq.ft, marking a 29% rise. The value further climbed to Rs 300 per sq.ft in 2007, reflecting a significant increase of 650%. The 2012 revision saw the value at Rs 2,200 per sq.ft, which was a 633% increase from the previous figure. However, in 2017, the value dropped to Rs 1,474 per sq.ft, showing a decline of 33%.

In the subsequent revisions, the guideline value rose again, reaching Rs 2,200 per sq.ft in 2023, and then increasing by 10% to the current Rs 2,420 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 7706%. There are no figures available for any other years for this street in the register.

Guideline values in Perumalagaram

In Perumalagaram, there are 74 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 825 to Rs 7,920 per sq.ft, with a median value of Rs 3,190 per sq.ft. The guideline value of Shri Shanmuga Avenue is below this median.

• Shyamala Street: Rs 3,190 per sq.ft (2024)
• Seelapathy Baskaran Street: Rs 3,190 per sq.ft (2024)
• Sathya Narayanan Street: Rs 3,190 per sq.ft (2024)
• Sathyabama Street: Rs 3,190 per sq.ft (2024)
• Santhana Lakshmi Street: Rs 3,190 per sq.ft (2024)
• Sanjay Gandhi Nagar Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shri Shanmuga Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total to Rs 2,17,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shri Shanmuga Avenue?

The Sub Registrar Office that covers Shri Shanmuga Avenue is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO online.

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

The guideline value is an essential factor in the registration process when buying or selling property in Perumalagaram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is crucial for tax purposes. Buyers and sellers should be aware of the current guideline value to accurately calculate their costs associated with the property transfer.

Frequently asked questions

What is the current guideline value of Shri Shanmuga Avenue?

The current guideline value of Shri Shanmuga Avenue is Rs 2,420 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 31 per sq.ft in 2002 to Rs 2,420 per sq.ft in 2024, reflecting an overall increase of 7706% over this period.

What is the land classification for Shri Shanmuga Avenue?

The land classification for Shri Shanmuga Avenue is Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the registration office for Shri Shanmuga Avenue?

The registration office for Shri Shanmuga Avenue is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Shri Shanmuga Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at Rs 2,420 per sq.ft, the stamp duty would be Rs 1,69,400.