Guideline Value

Corporate

Guideline Value for Shankar Nagar 1st Street

₹4400/sq.ft.

The guideline value for Shankar Nagar 1st Street in Velachery village (Velacheri SRO, Chennai zone) is Rs 4400 per sq.ft, effective 1 July 2024. It was Rs 4000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Ii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - II
History
Period Guideline Value
From 1-7-2024 ₹4400 /sq.ft.
From 1-4-2023 ₹4000 /sq.ft.
From 9-6-2017 To 31-3-2023 N/A
From 1-4-2012 To 8-6-2017 ₹4000 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Shankar Nagar 1st Street

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Shankar Nagar 1st Street guideline value

The current guideline value of Shankar Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Shankar Nagar 1st Street has changed

The guideline value for Shankar Nagar 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision increased the guideline value to Rs 4,400 per sq.ft, marking a 10% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register does not contain figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which aligns with the current value of Shankar Nagar 1st Street.

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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shankar Nagar 1st Street?

The Sub Registrar Office that covers Shankar Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Velachery. It serves as a benchmark for calculating stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must consider the guideline value to ensure compliance with registration regulations.

When registering a property, the guideline value is used to determine the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the correct revenue from property transactions.

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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 4,000 per sq.ft in 2012 to Rs 4,400 per sq.ft in 2024, marking a 10% increase overall. There were no changes recorded for this street in the years 2002, 2003, 2007, and 2017.

What is the stamp duty for property in Shankar Nagar 1st Street?

The stamp duty for property in Shankar Nagar 1st Street is 7% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the stamp duty would amount to Rs 3,08,000 based on the current guideline value.

Where is the Sub Registrar Office for Shankar Nagar 1st Street?

The Sub Registrar Office for Shankar Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

Shankar Nagar 1st Street is classified as Residential Class II Type - II, indicating its suitability for residential development.