Guideline Value for Shankar Nagar 16thStreet

Shankar Nagar 16thStreet guideline value

The current guideline value of Shankar Nagar 16thStreet 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 16thStreet has changed

The guideline value of Shankar Nagar 16thStreet has seen significant changes over the years. In 2002, the 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 jumped to Rs 360 per sq.ft, reflecting a 40% increase from the previous revision. The most notable change occurred between 2007 and 2017, where the value surged to Rs 1,675 per sq.ft, a staggering 365% increase. The latest revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, representing a 64% increase from the 2017 figure.

Overall, from 2002 to 2024, the guideline value has risen by 1106%. It is important to note that the register does not have figures for the years 2012 and 2023 for this street.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values for 2024 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 Shankar Nagar 16thStreet's current value above this median.

• Shankar Nagar 15th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 17th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 14th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 18th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 13th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 19th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 16thStreet

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, bringing the total charges to Rs 2,47,500. 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 Shankar Nagar 16thStreet?

The Sub Registrar Office that covers Shankar Nagar 16thStreet 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shankar Nagar 16thStreet?

The current guideline value of Shankar Nagar 16thStreet is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2002?

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

What was the guideline value in 2017?

In 2017, the guideline value for Shankar Nagar 16thStreet was Rs 1,675 per sq.ft.

Which Sub Registrar Office covers this street?

The Pammal Sub Registrar Office covers Shankar Nagar 16thStreet, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is the stamp duty calculated for properties in Shankar Nagar 16thStreet?

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