Guideline Value for Shankar Nagar 26th Street

Shankar Nagar 26th Street guideline value

The current guideline value of Shankar Nagar 26th 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. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Shankar Nagar 26th Street has changed

The guideline value for Shankar Nagar 26th Street has seen significant changes over the years. In 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. The value further rose to Rs 360 per sq.ft in 2007, which was a 40% increase from the previous revision. By 2017, the guideline value had jumped to Rs 1,675 per sq.ft, reflecting a substantial 365% increase from 2007. In 2023, the value was updated to Rs 2,500 per sq.ft, which was a 49% increase from 2017. The latest revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, a 10% increase from 2023.

It is important to note that there is no figure available for the 2012 revision for this street. 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 that carry a 2024 guideline value, ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value in Pammal is Rs 2,090 per sq.ft, placing the 2024 figure for Shankar Nagar 26th Street above this median.

• Shankar Nagar 25th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 27th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 24th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 28th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 23rd Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 29th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 26th 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, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on either the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shankar Nagar 26th Street?

The Sub Registrar Office that covers Shankar Nagar 26th 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 plays a crucial role in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

When a property is sold, 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 in the area.

Frequently asked questions

What is the current guideline value of Shankar Nagar 26th Street?

The current guideline value of Shankar Nagar 26th 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, marking an overall increase of 1,106% over this period.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Shankar Nagar 26th Street?

The Pammal Sub Registrar Office handles registrations for Shankar Nagar 26th Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification for Shankar Nagar 26th Street?

The land classification for Shankar Nagar 26th Street is Commercial Class I Type - II, indicating its designation for commercial use within the Pammal SRO.