Guideline Value for Shankar Nagar 24th Street

Shankar Nagar 24th Street guideline value

The current guideline value of Shankar Nagar 24th 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 24th Street has changed

The guideline value for Shankar Nagar 24th Street has seen significant changes over the years. The earliest recorded figure in the register is from 2002, with a guideline value of Rs 228 per sq.ft. This increased to Rs 258 per sq.ft in 2003, marking a 13% rise. By 2007, the value jumped to Rs 360 per sq.ft, representing a 40% increase from the previous revision. The most notable change occurred between 2007 and 2017, where the value surged to Rs 1,675 per sq.ft, reflecting a remarkable 365% increase. The guideline value then rose to Rs 2,500 per sq.ft in 2023, a 49% increase from 2017. The current figure of Rs 2,750 per sq.ft in 2024 marks a 10% increase from the previous year.

It is important to note that the register has no figure for Shankar Nagar 24th Street in 2012. Overall, from 2002 to 2024, the guideline value has increased by 1,106%.

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 for these streets is Rs 2,090 per sq.ft, placing Shankar Nagar 24th Street's 2024 value above this median.

• Shankar Nagar 23rd Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 25th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 22th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 26th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 21th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 27th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 24th 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 is charged at 7%, totaling Rs 1,92,500, while the registration fee at 2% amounts to Rs 55,000. Therefore, the total cost for stamp duty and registration fee together is 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 more detailed calculations.

Which Sub Registrar Office covers Shankar Nagar 24th Street?

The Sub Registrar Office that covers Shankar Nagar 24th 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 in property transactions in Pammal. It serves as a benchmark for determining the minimum value at which properties must be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shankar Nagar 24th Street?

The current guideline value of Shankar Nagar 24th 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 is the median guideline value for streets in Pammal?

The median guideline value for the 926 streets in Pammal under the Pammal SRO is Rs 2,090 per sq.ft, with Shankar Nagar 24th Street's value being above this median.

What are the stamp duty and registration fees for properties in Shankar Nagar 24th Street?

For a property valued at Rs 27,50,000, the stamp duty is Rs 1,92,500, and the registration fee is Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Shankar Nagar 24th Street located?

The Sub Registrar Office for Shankar Nagar 24th Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.