Guideline Value for Shankar Nagar 29th Street

Shankar Nagar 29th Street guideline value

The current guideline value of Shankar Nagar 29th 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 29th Street has changed

The guideline value for Shankar Nagar 29th Street has seen significant changes over the years. In 2002, the guideline value was Rs 228 per sq.ft, which increased to Rs 258 per sq.ft in 2003, marking a 13% rise. The value then rose to Rs 360 per sq.ft in 2007, reflecting a 40% increase from the previous revision. Following that, in 2017, the guideline value surged to Rs 1,675 per sq.ft, a substantial 365% increase from 2007. The next revision in 2023 set the value at Rs 2,500 per sq.ft, showing a 49% increase from the 2017 figure. The most recent revision in 2024 has established the current guideline value at Rs 2,750 per sq.ft, which is a 10% increase from 2023.

It is important to note that the register has no figure for Shankar Nagar 29th Street for the year 2012. Overall, from 2002 to 2024, the guideline value has increased by 1,106%.

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 in this area is Rs 2,090 per sq.ft, placing Shankar Nagar 29th Street’s 2024 figure above that median.

• Shankar Nagar 28th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 27th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 26th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 30th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 29th 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%, which would be Rs 1,92,500, while the registration fee is at 2%, amounting to 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 also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Shankar Nagar 29th Street?

The Sub Registrar Office that covers Shankar Nagar 29th 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 of the property, which is essential for calculating stamp duty and registration fees. Buyers and sellers must be aware of this value to ensure compliance with the legal requirements during property transactions.

When a property is sold, the guideline value is considered to determine the applicable charges. If the sale price is higher than the guideline value, the stamp duty and registration fees will be calculated based on the sale price. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Shankar Nagar 29th Street?

The current guideline value of Shankar Nagar 29th 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 are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 2,47,500.

Which office handles the registration in Pammal?

The Pammal Sub Registrar Office handles the registration for properties in Pammal, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum value of a property for registration purposes. It is crucial for calculating stamp duty and registration fees, ensuring that the appropriate charges are applied during property transactions.