Guideline Value for Shankar Nagar 1st Cross Street

Shankar Nagar 1st Cross Street guideline value

The current guideline value of Shankar Nagar 1st Cross 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 1st Cross Street has changed

The guideline value for Shankar Nagar 1st Cross 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. The value further climbed to Rs 360 per sq.ft in 2007, reflecting a 40% increase from the previous revision. By 2017, the value surged to Rs 1,675 per sq.ft, a remarkable 365% increase from 2007. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, which is a 64% increase from 2017. Overall, from 2002 to 2024, the guideline value has increased by 1106%.

It is important to note that the register has no figures for the years 2012 and 2023 for this street.

Guideline values in Pammal

In Pammal, there are 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 value among these streets is Rs 2,090 per sq.ft, placing the guideline value of Shankar Nagar 1st Cross Street above this median.

• Shankar Nagar 19th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 18th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 20th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 17th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 21th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value, 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, making the total cost for these fees 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shankar Nagar 1st Cross Street?

The Sub Registrar Office covering Shankar Nagar 1st Cross 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 information.

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

The guideline value is a crucial factor during property transactions in Pammal. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property registration. Buyers and sellers must consider the guideline value to ensure compliance with local regulations and to accurately assess the costs involved in the transaction.

When purchasing property, the guideline value helps determine the minimum price at which a property can be registered. This ensures that the transaction reflects the official value set by the authorities, which is essential for legal and financial purposes.

Frequently asked questions

What is the current guideline value of Shankar Nagar 1st Cross Street?

The current guideline value of Shankar Nagar 1st Cross 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, marking an overall increase of 1106%.

What is the land classification for Shankar Nagar 1st Cross Street?

The land classification for Shankar Nagar 1st Cross Street is Commercial Class I Type - II, indicating its commercial usage potential.

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 in 2024 include Shankar Nagar 19th Street, Shankar Nagar 1st Street, Shankar Nagar 18th Street, Shankar Nagar 20th Street, Shankar Nagar 17th Street, and Shankar Nagar 21th Street.

Where can I find the Pammal Sub Registrar Office?

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