Guideline Value for Shankar Nagar 38th Street

Shankar Nagar 38th Street guideline value

The current guideline value of Shankar Nagar 38th 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 38th Street has changed

The guideline value for Shankar Nagar 38th Street has seen significant changes over the years. The earliest recorded figure was Rs 228 per sq.ft in 2002, which increased to Rs 258 per sq.ft in 2003, marking a 13% rise. By 2007, the value had risen to Rs 360 per sq.ft, a 40% increase from the previous revision. However, there are no figures available for the years 2012 and 2017. The next recorded revision was in 2023, where the guideline value reached Rs 2,500 per sq.ft, a substantial increase of 594% from 2007. The latest revision in 2024 has set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1106%, showcasing a significant rise in property valuation in this area.

Guideline values in Pammal

In Pammal, 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 value for these streets is Rs 2,090 per sq.ft, placing Shankar Nagar 38th Street's 2024 figure above this median.

• Shankar Nagar 37th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 39th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 36th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 35th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar ,3rd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 38th 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 be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that stamp duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Shankar Nagar 38th Street?

The Sub Registrar Office that covers Shankar Nagar 38th Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

To find your SRO, visit find your SRO.

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 determines the minimum value at which the property can be registered and is used to calculate the applicable stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of Shankar Nagar 38th Street?

The current guideline value of Shankar Nagar 38th 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 from Rs 228 per sq.ft to Rs 2,750 per sq.ft in 2024, representing an overall increase of 1106%.

What are the stamp duty and registration fees for property in Shankar Nagar 38th Street?

For a plot of 1,000 sq.ft, the total guideline value is 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.

Which Sub Registrar Office covers Shankar Nagar 38th Street?

The Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, covers Shankar Nagar 38th Street.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value of a property and is essential for calculating stamp duty and registration fees. Buyers and sellers should be aware of the current guideline value to ensure compliance during transactions.