Guideline Value for Shankar Nagar 14th Street

Shankar Nagar 14th Street guideline value

The current guideline value of Shankar Nagar 14th 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 14th Street has changed

The guideline value of Shankar Nagar 14th 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. By 2007, the value had jumped to Rs 360 per sq.ft, reflecting a 40% increase from the previous revision. The 2017 revision saw a substantial increase to Rs 1,675 per sq.ft, which was a remarkable 365% rise from 2007. The most recent revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, a 64% increase from 2017.

Overall, from the 2002 revision to the 2024 revision, 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 in the register.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO that carry a guideline value for 2024, ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 2,090 per sq.ft, placing Shankar Nagar 14th Street's current value above this median.

• Shankar Nagar 11th 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 15th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 16th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 17th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 14th 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. Together, the total fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Shankar Nagar 14th Street?

The Sub Registrar Office that covers Shankar Nagar 14th 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 factor 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 registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is used to calculate the applicable fees, which are based on either the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shankar Nagar 14th Street?

The current guideline value of Shankar Nagar 14th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much 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 are the other streets in Pammal with the same guideline value?

Other streets in Pammal with the same guideline value of Rs 2,750 per sq.ft include Shankar Nagar 11th Street, 12th Street, 13th Street, 15th Street, 16th Street, and 17th Street.

What is the registration fee for property in Shankar Nagar 14th Street?

The registration fee for property in Shankar Nagar 14th Street is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 27,50,000, the registration fee would be Rs 55,000 at a rate of 2%.

Which office handles the registration for Shankar Nagar 14th Street?

The registration for Shankar Nagar 14th Street is handled by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.