Guideline Value for Shankar Nagar 2nd Cross Street

Shankar Nagar 2nd Cross Street guideline value

The current guideline value of Shankar Nagar 2nd Cross 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 2nd Cross Street has changed

The guideline value for Shankar Nagar 2nd Cross Street has seen significant changes over the years. In 2002, 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 then rose to Rs 360 per sq.ft in 2007, reflecting a 40% increase. By 2017, the value had surged to Rs 1,675 per sq.ft, which was a remarkable 365% increase from the previous revision. In 2023, the guideline value was Rs 2,500 per sq.ft, showing a 49% rise from 2017.

The latest revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, which is a 10% increase 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, and Shankar Nagar 2nd Cross Street's 2024 figure is above this median.

• Shankar Nagar 29th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 28th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 30th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 27th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 31th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 2nd Cross 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 stamp duty and registration would be Rs 2,47,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shankar Nagar 2nd Cross Street?

The Sub Registrar Office that covers Shankar Nagar 2nd Cross 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 the registration process when buying or selling property in Pammal. It serves as the basis for calculating the stamp duty and registration fees, ensuring that both parties are aware of the financial obligations associated with the transaction.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency and fairness in property transactions, as it prevents undervaluation of properties during registration.

Frequently asked questions

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

The current guideline value of Shankar Nagar 2nd Cross 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. Notable increases occurred in 2017 and 2023, with a 365% rise from 2007 to 2017 and a 49% rise from 2017 to 2023.

What is the median guideline value in Pammal?

The median guideline value in Pammal is Rs 2,090 per sq.ft as of 2024. Shankar Nagar 2nd Cross Street's guideline value is above this median.

What are the stamp duty and registration fees for properties in Shankar Nagar 2nd Cross 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. Duty is charged on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Shankar Nagar 2nd Cross Street located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075. This office handles the registration of properties in the area.