Guideline Value for Shankar Nagar 23rd Street

Shankar Nagar 23rd Street guideline value

The current guideline value of Shankar Nagar 23rd 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 with a land classification of Commercial Class I Type - II.

How the guideline value of Shankar Nagar 23rd Street has changed

The guideline value of Shankar Nagar 23rd Street has seen significant changes over the years. Starting from the 2002 revision, the value was Rs 228 per sq.ft. This increased to Rs 258 per sq.ft in 2003, marking a 13% rise. In 2007, the value jumped to Rs 360 per sq.ft, representing a 40% increase. The 2017 revision saw a substantial leap to Rs 1,675 per sq.ft, which is a 365% increase from 2007. However, there is no figure available for the 2012 revision.

Continuing from 2017, the guideline value increased to Rs 2,500 per sq.ft in 2023, a 49% rise. The most recent revision in 2024 brought the value to Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1106%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with 2024 guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value is Rs 2,090 per sq.ft, placing Shankar Nagar 23rd Street's 2024 value above this median.

• Shankar Nagar 22th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 24th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 21th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 25th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 20th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 26th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 23rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, 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, totaling 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.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Shankar Nagar 23rd Street?

The Sub Registrar Office that covers Shankar Nagar 23rd 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 the registration of property transactions in Pammal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is sold or purchased.

When buyers and sellers engage in a transaction, the guideline value ensures that the property is registered at a value that reflects its current market standing, thereby facilitating a transparent and standardized process for property transactions.

Frequently asked questions

What is the current guideline value of Shankar Nagar 23rd Street?

The current guideline value of Shankar Nagar 23rd 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 from Rs 228 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, representing an overall increase of 1106%.

What is the land classification for Shankar Nagar 23rd Street?

Shankar Nagar 23rd Street is classified as Commercial Class I Type - II, which indicates its suitability for commercial activities.

Where can I find the registration office for Shankar Nagar 23rd Street?

The registration office for Shankar Nagar 23rd Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for properties in Shankar Nagar?

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