Guideline Value for Shankar Nagar 3rd Cross Street

Shankar Nagar 3rd Cross Street guideline value

The current guideline value for Shankar Nagar 3rd 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 3rd Cross Street has changed

Over the years, the guideline value for Shankar Nagar 3rd Cross Street has seen significant changes. In 2002, the guideline value was Rs 228 per sq.ft, which increased to Rs 258 per sq.ft in 2003, marking a 13% rise. The value continued to climb to Rs 360 per sq.ft in 2007, reflecting a 40% increase from the previous revision.

Following this, there was a substantial increase to Rs 2,500 per sq.ft in 2023, which was a 594% rise from the 2007 figure. The latest revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, a 10% increase from 2023. The register has no figures for the years 2012 and 2017.

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 guideline value in this area is Rs 2,090 per sq.ft, which means that Shankar Nagar 3rd Cross Street's 2024 value is above this median.

• Shankar Nagar 39th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar ,3rd Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 38th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 37th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 40th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 36th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 3rd 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, charged at 7%, would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. 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 details.

Which Sub Registrar Office covers Shankar Nagar 3rd Cross Street?

The Sub Registrar Office that covers Shankar Nagar 3rd 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 property transactions in Pammal, as it determines the minimum value at which properties can be registered. When you buy or sell property, the registration office uses the guideline value to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with legal requirements during the registration process. This value serves as a benchmark for property transactions and helps maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Shankar Nagar 3rd Cross Street?

The current guideline value of Shankar Nagar 3rd 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, marking an overall increase of 1106% over the years.

What are the stamp duty and registration fees for property in this area?

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.

Which Sub Registrar Office covers Shankar Nagar 3rd Cross Street?

The Pammal Sub Registrar Office covers Shankar Nagar 3rd Cross Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification of Shankar Nagar 3rd Cross Street?

Shankar Nagar 3rd Cross Street is classified as Commercial Class I Type - II under the current guidelines.