Guideline Value for Shankar Nagar 21th Street

Shankar Nagar 21th Street guideline value

The current guideline value of Shankar Nagar 21th 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 21th Street has changed

The guideline value for Shankar Nagar 21th Street has undergone several revisions since 2002. The earliest recorded figure is from 2002, where the guideline value was Rs 228 per sq.ft. This increased to Rs 258 per sq.ft in 2003, marking a change of 13%. The value then rose to Rs 360 per sq.ft in 2007, reflecting a 40% increase. By 2017, the guideline value had significantly jumped to Rs 1,675 per sq.ft, showing a remarkable increase of 365%. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, which is a 64% increase from the 2017 figure.

Overall, from 2002 to 2024, 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 village, 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 guideline value for these streets is Rs 2,090 per sq.ft, placing Shankar Nagar 21th Street's value above that median.

• Shankar Nagar 20th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 22th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 23rd Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 24th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 21th 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, these fees would total 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, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shankar Nagar 21th Street?

The Sub Registrar Office that covers Shankar Nagar 21th Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 crucial factor in property transactions in Pammal. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider the guideline value when negotiating sale prices, as it affects the applicable stamp duty and registration fees.

When a property is sold, the registration office uses the guideline value to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Shankar Nagar 21th Street?

The current guideline value of Shankar Nagar 21th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How 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, reflecting an overall increase of 1,106% over this period.

What is the land classification for Shankar Nagar 21th Street?

Shankar Nagar 21th Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the Pammal Sub Registrar Office?

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

How is stamp duty calculated for properties in Shankar Nagar 21th Street?

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