Guideline Value for Shankar Nagar 2nd Street

Shankar Nagar 2nd Street guideline value

The current guideline value of Shankar Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - II.

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

The guideline value for Shankar Nagar 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision saw an increase to Rs 4,400 per sq.ft, marking a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase in the guideline value.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current value of Shankar Nagar 2nd Street.

• Shankar Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Shankar Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Shanmugam Street: Rs 3,850 per sq.ft (2024)
• Shanthi 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Shanthi 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar 5th Street: Rs 4,400 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. 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 information.

Which Sub Registrar Office covers Shankar Nagar 2nd Street?

The Sub Registrar Office that covers Shankar Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value plays a crucial role during property registration in Velachery. It is used to determine the stamp duty and registration fees that need to be paid when a property transaction occurs.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is important for legal and taxation purposes. It helps maintain transparency in property dealings within the region.

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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 4,000 per sq.ft from the 2012 revision until the 2023 revision. In 2024, it increased to Rs 4,400 per sq.ft, marking a 10% rise from the previous year.

What is the land classification for Shankar Nagar 2nd Street?

Shankar Nagar 2nd Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for this area?

The Velacheri Sub Registrar Office covers Shankar Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.