Guideline Value for SRI SHANMUGA NAGAR

Sri Shanmuga Nagar guideline value

The current guideline value of Sri Shanmuga Nagar is Rs 385 per sq.ft, effective from 1 July 2024. This area is located in Orakadu & Kiruthalapuram village under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Sri Shanmuga Nagar has changed

Over the years, the guideline value of Sri Shanmuga Nagar has seen several revisions. The 2012 revision recorded a value of Rs 350 per sq.ft, which then decreased to Rs 234 per sq.ft in the 2017 revision. However, the value significantly increased to Rs 350 per sq.ft in the 2023 revision, and further rose to Rs 385 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to 2023, there was a notable increase of 50%. The overall change from the 2012 revision to the 2024 revision indicates a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Orakadu & Kiruthalapuram

In Orakadu & Kiruthalapuram, there are 34 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 900 per sq.ft. The median value is Rs 385 per sq.ft, which is the same as the guideline value for Sri Shanmuga Nagar.

• Sri Ramulu Naidu Street: Rs 385 per sq.ft (2024)
• Surveswara Swamy Koil Street: Rs 385 per sq.ft (2024)
• Sri Bhagavan Nagar: Rs 385 per sq.ft (2024)
• Shainsha Baba Nagar: Rs 275 per sq.ft (2024)
• Vaidegi Nagar: Rs 385 per sq.ft (2024)
• Ramachandra Naidu Street: Rs 385 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Shanmuga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 385 per sq.ft, the total guideline value would be Rs 3,85,000. The stamp duty at 7% would amount to Rs 26,950, and the registration fee at 2% would be Rs 7,700, totaling Rs 34,650. 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 Sri Shanmuga Nagar?

Sri Shanmuga Nagar falls under the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Orakadu & Kiruthalapuram

The guideline value is a crucial factor in property transactions in Orakadu & Kiruthalapuram. It determines the minimum value at which a property can be registered, ensuring that the government receives an appropriate amount of revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it directly impacts the costs involved in the registration process. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications.

Frequently asked questions

What is the current guideline value of Sri Shanmuga Nagar?

The current guideline value of Sri Shanmuga Nagar is Rs 385 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 350 per sq.ft in 2012 to Rs 234 per sq.ft in 2017, then to Rs 350 per sq.ft in 2023, and finally to Rs 385 per sq.ft in 2024.

What is the registration office for Sri Shanmuga Nagar?

The registration office for Sri Shanmuga Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the stamp duty and registration fees for a property in Sri Shanmuga Nagar?

For a property valued at Rs 3,85,000, the stamp duty would be Rs 26,950, and the registration fee would be Rs 7,700, totaling Rs 34,650.

Where can I find more information about the guideline value?

More information about the guideline value can be found in the Registration Department's guideline value register (TNReginet).