Guideline Value for Shankar Nagar 34th Street

Shankar Nagar 34th Street guideline value

The current guideline value of Shankar Nagar 34th 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 34th Street has changed

The guideline value for Shankar Nagar 34th 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 rise of 13%. Following this, the value surged dramatically to Rs 2,500 per sq.ft in 2023, representing an increase of 869% from 2003. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2007, 2012, and 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,106%.

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 for these streets is Rs 2,090 per sq.ft, placing Shankar Nagar 34th Street's 2024 figure above this median.

• Shankar Nagar 31th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 32th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 33th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 34th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 35th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 36th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 37th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 34th 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 at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shankar Nagar 34th Street?

The Sub Registrar Office that covers Shankar Nagar 34th 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 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.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Shankar Nagar 34th Street?

The current guideline value of Shankar Nagar 34th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 228 per sq.ft to Rs 2,750 per sq.ft in 2024, marking an overall increase of 1,106%.

What is the land classification for Shankar Nagar 34th Street?

The land classification for Shankar Nagar 34th Street is 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, Chengalpattu registration zone.

How is stamp duty calculated for properties in Pammal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, while the registration fee is 2% of the guideline value or sale price.