Guideline Value for Shakthi Nagar

Shakthi Nagar guideline value

The current guideline value of Shakthi Nagar, located in Varadarajapuram village, under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Shakthi Nagar has changed

The guideline value for Shakthi Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision. However, this was followed by a significant increase to Rs 1,500 per sq.ft in the 2023 revision, and then a further increase to the current value of Rs 1,650 per sq.ft in the 2024 revision, marking a 10% rise from the previous year.

Between the 2017 and 2023 revisions, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

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. The median value for these streets is Rs 1,650 per sq.ft, which matches the current guideline value for Shakthi Nagar.

• Shanmuga Nagar: Rs 990 per sq.ft (2024)
• Seshadri Nagar: Rs 990 per sq.ft (2024)
• Serasa Sangaamam Avenue: Rs 2,300 per sq.ft (2024)
• Serasa Opel: Rs 2,960 per sq.ft (2024)
• Serasa Furtune Phase-II: Rs 2,860 per sq.ft (2024)
• Serasa Fortune: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Shakthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shakthi Nagar?

The Sub Registrar Office that covers Shakthi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Varadarajapuram. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is officially recorded with the appropriate authorities.

When buying or selling property, the guideline value serves as a benchmark for assessing the value of the property being transacted. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with legal and financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Shakthi Nagar?

The current guideline value of Shakthi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification of Shakthi Nagar?

Shakthi Nagar is classified as Residential Special Type - II.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in Shakthi Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,15,500.