Guideline Value for Shankar Nagar 28th Street

Shankar Nagar 28th Street guideline value

The current guideline value of Shankar Nagar 28th 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 28th Street has changed

The guideline value for Shankar Nagar 28th Street has seen significant changes over the years. Starting from the 2002 revision, the guideline 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 value had jumped to Rs 1,675 per sq.ft, reflecting a remarkable 365% increase. The next revision in 2023 set the value at Rs 2,500 per sq.ft, a 49% increase from 2017. The current guideline value of Rs 2,750 per sq.ft, effective from July 2024, represents a 10% increase from the previous year.

It is important to note that there is no figure recorded for Shankar Nagar 28th Street in the 2012 revision. Overall, from 2002 to 2024, the guideline value has increased by 1106%.

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 28th Street above this median.

• Shankar Nagar 27th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 29th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 26th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 25th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 28th 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. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the 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 28th Street?

The Sub Registrar Office that covers Shankar Nagar 28th 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 stamp duty and registration fees that must be paid during the transaction. Buyers and sellers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is essential to consult the guideline value register to ensure compliance with local regulations. This helps in accurately assessing the financial obligations associated with the purchase or sale of property in the area.

Frequently asked questions

What is the current guideline value of Shankar Nagar 28th Street?

The current guideline value of Shankar Nagar 28th 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 1106% over this period.

What is the land classification for Shankar Nagar 28th Street?

Shankar Nagar 28th Street is classified as Commercial Class I Type - II.

Where can I find the Pammal Sub Registrar Office?

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

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 27,50,000, leading to specific fees based on this amount.