Guideline Value for Shankar Nagar ,3rd Street

Shankar Nagar ,3rd Street guideline value

The current guideline value of Shankar Nagar ,3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Shankar Nagar ,3rd Street has changed

The guideline value for Shankar Nagar ,3rd Street has seen significant changes over the years. In 2002, the guideline value was Rs 228 per sq.ft. This increased to Rs 258 per sq.ft in 2003, marking a 13% rise. The value then rose to Rs 360 per sq.ft in 2007, a notable increase of 40%. Following this, in 2017, the value jumped to Rs 1,675 per sq.ft, which represented a remarkable increase of 365%. The next revision in 2023 set the value at Rs 2,500 per sq.ft, reflecting a 49% increase from the previous figure. The most recent revision in 2024 has established the current guideline value at Rs 2,750 per sq.ft, which is a 10% increase from 2023.

It is important to note that there is no figure available for the year 2012 in the register for this street.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO with a 2024 guideline value ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, making Shankar Nagar ,3rd Street's 2024 value above this median.

• Shankar Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 39th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 40th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 38th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 41th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 37th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar ,3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shankar Nagar ,3rd Street?

The Sub Registrar Office that covers Shankar Nagar ,3rd Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the property registration process in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, buyers and sellers must ensure that the sale price is at least equal to the guideline value. This ensures that the government receives the appropriate taxes based on the property’s value. It is crucial for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Shankar Nagar ,3rd Street?

The current guideline value of Shankar Nagar ,3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 228 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, representing an overall increase of 1,106%.

What is the land classification for Shankar Nagar ,3rd Street?

The land classification for Shankar Nagar ,3rd Street is Commercial Class I Type - II.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 2,47,500.