Guideline Value for Shafi Mohammed Street

Shafi Mohammed Street guideline value

The current guideline value of Shafi Mohammed Street is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Shafi Mohammed Street has changed

Over the years, the guideline value of Shafi Mohammed Street has seen significant changes. The 2007 revision recorded a guideline value of Rs 3,500 per sq.ft, which increased to Rs 9,000 per sq.ft in 2012, marking a rise of 157%. However, in 2017, the value decreased to Rs 6,030 per sq.ft, a drop of 33%. The 2023 revision set the value at Rs 9,000 per sq.ft, which then increased to Rs 9,900 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 183%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Shafi Mohammed Street's 2024 figure above that median.

• Shenoy Road: Rs 8,800 per sq.ft (2024)
• Selvam Nagar: Rs 7,700 per sq.ft (2024)
• Seetha Nagar Main Road: Rs 8,800 per sq.ft (2024)
• Seetha Nagar 4th Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 3rd Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 2nd Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Shafi Mohammed Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, resulting in a total of Rs 8,91,000. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Shafi Mohammed Street?

The Sub Registrar Office that covers Shafi Mohammed Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is set by the government and is revised periodically to reflect changes in the real estate market.

When selling property, the guideline value ensures that the transaction is registered at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Shafi Mohammed Street?

The current guideline value of Shafi Mohammed Street is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the 2007 value at Rs 3,500 per sq.ft increasing to Rs 9,900 per sq.ft in 2024, which is an overall increase of 183%.

What is the median guideline value in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, with Shafi Mohammed Street's 2024 figure being above this median.

What are the stamp duty and registration fees for property in Shafi Mohammed Street?

The stamp duty for a property valued at Rs 99,00,000 is Rs 6,93,000, and the registration fee is Rs 1,98,000, totaling Rs 8,91,000.

Which Sub Registrar Office covers Shafi Mohammed Street?

The Chennai Central Joint II Sub Registrar Office covers Shafi Mohammed Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.