Guideline Value for Shankar Nagar /MainRoad

Shankar Nagar /MainRoad guideline value

The current guideline value of Shankar Nagar /MainRoad is Rs 2,750 per sq.ft, effective from 1 July 2024. This property is located in Pammal village, under the Pammal SRO, with a land classification of Commercial Class I Type - II.

How the guideline value of Shankar Nagar /MainRoad has changed

The guideline value for Shankar Nagar /MainRoad has seen significant changes over the years. In 2002, the guideline value was Rs 228 per sq.ft, which increased to Rs 260 per sq.ft in 2003, marking a 14% rise. The value continued to climb, reaching Rs 815 per sq.ft in 2007, a substantial increase of 213%. By 2017, the value further rose to Rs 1,675 per sq.ft, reflecting a 106% increase from the previous revision. The latest revision in 2024 sets the guideline value at Rs 2,750 per sq.ft, which is a 64% increase from the 2017 figure.

There are no figures available for the revisions in 2012 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by an impressive 1106%.

Guideline values in Pammal

In Pammal, there are a total of 926 streets under the Pammal SRO that carry 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, placing the Shankar Nagar /MainRoad guideline value above this median.

• Shankar Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 8th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 4th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar /MainRoad

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, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shankar Nagar /MainRoad?

The Shankar Nagar /MainRoad is covered by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the 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 plays a crucial role during the registration of property transactions in Pammal. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential for the legal transfer of property ownership. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Shankar Nagar /MainRoad?

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

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly from Rs 228 per sq.ft to Rs 2,750 per sq.ft in 2024, marking an overall increase of 1106%.

What are the other streets in Pammal with the same guideline value?

Other streets in Pammal that share the same guideline value of Rs 2,750 per sq.ft include Shankar Nagar 4th Street, 5th Street, 6th Street, 7th Street, 8th Street, and 9th Street.

What fees are associated with buying property in Shankar Nagar /MainRoad?

When purchasing property in Shankar Nagar /MainRoad, buyers should expect to pay stamp duty at 7% and a registration fee at 2% based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Pammal?

The Pammal Sub Registrar Office handles property registrations in Pammal, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.