Guideline Value for Shankar Nagar 11th Street

Shankar Nagar 11th Street guideline value

The current guideline value of Shankar Nagar 11th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Shankar Nagar 11th Street has changed

The guideline value for Shankar Nagar 11th Street has seen significant changes over the years. In 2002, the guideline value was Rs 228 per sq.ft, which increased to Rs 258 per sq.ft in 2003, marking a 13% rise. By 2007, the value had risen to Rs 360 per sq.ft, reflecting a 40% increase from the previous revision. The 2017 revision saw a substantial jump to Rs 1,675 per sq.ft, which is a 365% increase from 2007. The latest revision in 2024 has set the value at Rs 2,750 per sq.ft, representing a 64% increase from 2017.

Overall, from 2002 to 2024, the guideline value has increased by 1,106%. It is important to note that there are no figures available for the years 2012 and 2023 for this street.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that have 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, and Shankar Nagar 11th Street's 2024 figure is above this median.

• Shankar Nagar 10th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 12th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 13th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 14th Street: Rs 2,750 per sq.ft (2024)
• Shankaravidayala Colony: Rs 1,760 per sq.ft (2024)
• Shankar Nagar 15th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 11th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost for these charges 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 also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Shankar Nagar 11th Street?

The Sub Registrar Office that covers Shankar Nagar 11th Street is 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 details.

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

The guideline value is a critical component in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with the legal requirements during registration.

When a property is sold, the guideline value is used to calculate the applicable fees, which can significantly affect the overall cost of the transaction. It is essential to consult the latest guideline values to understand the financial implications of property transactions in the area.

Frequently asked questions

What is the current guideline value of Shankar Nagar 11th Street?

The current guideline value of Shankar Nagar 11th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much 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, which is an overall increase of 1,106%.

What is the land classification for Shankar Nagar 11th Street?

Shankar Nagar 11th Street is classified as Commercial Class I Type - II.

Where can I find the Sub Registrar Office for Shankar Nagar 11th Street?

The Sub Registrar Office for Shankar Nagar 11th Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for properties in Shankar Nagar 11th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.