Guideline Value for Shankar Nagar 40th Street

Shankar Nagar 40th Street guideline value

The current guideline value of Shankar Nagar 40th 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 40th Street has changed

The guideline value for Shankar Nagar 40th 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 13% rise. The value then rose to Rs 360 per sq.ft in 2007, reflecting a 40% increase from the previous revision. However, there are no figures available for the revisions in 2012 and 2017.

From 2007 to 2023, the guideline value surged to Rs 2,500 per sq.ft, representing a remarkable 594% increase. The most recent revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, a 10% increase from the 2023 value. 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 a 2024 guideline value range from Rs 880 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 2,090 per sq.ft, placing Shankar Nagar 40th Street's 2024 figure above that median.

• Shankar Nagar 41th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar ,3rd Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 42th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 39th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 40th 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, bringing the total to Rs 2,47,500. It is important to note that the 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 40th Street?

The Sub Registrar Office covering Shankar Nagar 40th 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 plays a crucial role during property transactions in Pammal. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements and to avoid any potential issues during the registration process.

When a property is sold, the guideline value is assessed to calculate the applicable duties. This ensures that the transaction is recorded accurately and that the government receives the appropriate fees based on the property's value as determined by the guideline register.

Frequently asked questions

What is the current guideline value of Shankar Nagar 40th Street?

The current guideline value of Shankar Nagar 40th 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 1,106% 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 office handles property registrations in Pammal?

The Pammal Sub Registrar Office handles property registrations in Pammal, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It ensures that the transaction is recorded accurately and that the appropriate fees are paid based on the property's value.