Guideline Value for Shankar Nagar 2nd Street

Shankar Nagar 2nd Street guideline value

The current guideline value of Shankar Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village under the Pammal SRO, classified as Commercial Class I Type - II.

How the guideline value of Shankar Nagar 2nd Street has changed

The guideline value for Shankar Nagar 2nd Street has seen significant changes over the years. In 2002, the value was Rs 228 per sq.ft, which increased to Rs 258 per sq.ft in 2003, marking a 13% increase. The value then rose to Rs 360 per sq.ft in 2007, 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. The 2023 revision set the value at Rs 2,500 per sq.ft, a 49% increase from 2017.

The most recent revision in 2024 has further increased the value to Rs 2,750 per sq.ft, which is a 10% rise from the previous year. It is important to note that there is no figure available for the year 2012 in the register for this street.

Guideline values in Pammal

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

• Shankar Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 30th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 29th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 31th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 28th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 32th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 2nd 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 charges together to 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 precise calculations.

Which Sub Registrar Office covers Shankar Nagar 2nd Street?

The Sub Registrar Office covering Shankar Nagar 2nd Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Pammal

The guideline value is used as a reference point for determining the stamp duty and registration fees when buying or selling property in Pammal. It serves as a minimum value for the transaction, ensuring that the government receives appropriate revenue from property transactions.

When registering a property, buyers must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the registration process is transparent and that the values reflect the current market conditions.

Frequently asked questions

What is the current guideline value of Shankar Nagar 2nd Street?

The current guideline value of Shankar Nagar 2nd 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 from Rs 228 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, showing an overall increase of 1106% over the years.

What is the median guideline value in Pammal?

The median guideline value in Pammal is Rs 2,090 per sq.ft, which is below the current value of Shankar Nagar 2nd Street.

What are the stamp duty and registration fees for property in Shankar Nagar 2nd Street?

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.

Where can I find the Sub Registrar Office for Shankar Nagar 2nd Street?

The Sub Registrar Office for Shankar Nagar 2nd Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.