Guideline Value for Shankar Nagar 1st Street

Shankar Nagar 1st Street guideline value

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

The guideline value for Shankar Nagar 1st 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 rise of 13%. The value then rose to Rs 360 per sq.ft in 2007, which was a 40% increase from the previous revision. Following this, the 2017 revision set the value at Rs 1,675 per sq.ft, showing a substantial increase of 365% from 2007. The latest revision in 2024 has further raised the guideline value to Rs 2,750 per sq.ft, reflecting 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 revisions in 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, with a median value of Rs 2,090 per sq.ft. The guideline value of Shankar Nagar 1st Street is above this median.

• Shankar Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 20th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 19th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 21th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 18th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 22th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 1st 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, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be 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 information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shankar Nagar 1st Street?

The Sub Registrar Office covering Shankar Nagar 1st 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 an essential factor during property transactions in Pammal. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value serves as a benchmark for the minimum price at which a property can be registered.

When registering a property, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of Shankar Nagar 1st 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 changed significantly, increasing from Rs 228 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, which is an overall increase of 1,106%.

What are the stamp duty and registration fees for property in Shankar Nagar 1st Street?

For a 1,000 sq.ft plot, the total guideline value is 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, totaling Rs 2,47,500.

Which office handles property registrations in Pammal?

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

What is the land classification of Shankar Nagar 1st Street?

Shankar Nagar 1st Street is classified as Commercial Class I Type - II, indicating its designation for commercial use under the local regulations.