Guideline Value for Sankar Nagar

Sankar Nagar guideline value

The current guideline value of Sankar Nagar, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - I.

How the guideline value of Sankar Nagar has changed

The guideline value for Sankar Nagar has seen several revisions over the years. The earliest recorded figure is from 2003, which was Rs 363 per sq.ft. This value increased to Rs 600 per sq.ft in 2007, marking a significant rise of 65%. The 2012 revision set the value at Rs 3,500 per sq.ft, reflecting a substantial increase of 483% from the previous revision. However, this value decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The guideline value then increased significantly to Rs 3,750 per sq.ft in 2023, a rise of 60%, and currently stands at Rs 3,850 per sq.ft from the 2024 revision, which is a 3% increase from the previous year.

There is no recorded figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 961%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value is Rs 3,300 per sq.ft, which means that Sankar Nagar's 2024 guideline value of Rs 3,850 per sq.ft is above this median.

• Sankar Nagar 1 To 3 Streets: Rs 3,850 per sq.ft (2024)
• Sankar Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Sannathi Street: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Sanjay Gandhi Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Sanjai Gandhi Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sankar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sankar Nagar?

The Sub Registrar Office that covers Sankar Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor when buying or selling property in Zaminpallavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is transparent and fair. Buyers and sellers should be aware of the guideline value to accurately assess the costs involved in the registration process.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, contributing to local development and infrastructure.

Frequently asked questions

What is the current guideline value of Sankar Nagar?

The current guideline value of Sankar Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 363 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, reflecting a significant overall increase of 961% over the years.

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

For a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers Sankar Nagar?

The Pallavaram Sub Registrar Office covers Sankar Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for Sankar Nagar?

The land classification for Sankar Nagar is Mixed Type - I, indicating a diverse range of land uses in the area.