Guideline Value for Shankar Nagar 42th Street

Shankar Nagar 42th Street guideline value

The current guideline value of Shankar Nagar 42th 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 42th Street has changed

The guideline value for Shankar Nagar 42th Street has undergone several revisions over the years. Starting from Rs 228 per sq.ft in 2002, it increased to Rs 258 per sq.ft in 2003, marking a change of 13%. By 2007, the value rose to Rs 360 per sq.ft, reflecting a 40% increase from the previous revision. However, there are no figures available for the revisions in 2012, 2017, and 2023.

The most significant change occurred between 2007 and 2024, where the guideline value jumped to Rs 2,750 per sq.ft, representing an increase of 664%. Overall, from 2002 to 2024, the guideline value has risen by 1106%, showcasing a substantial upward trend in the valuation of this street.

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 is Rs 2,090 per sq.ft, which means that the guideline value of Shankar Nagar 42th Street is above this median.

• Shankar Nagar 41th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 40th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 6th 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 42th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value is 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 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.

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

Which Sub Registrar Office covers Shankar Nagar 42th Street?

The Sub Registrar Office that covers Shankar Nagar 42th 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 critical factor in property transactions in Pammal. It serves as the minimum value at which properties are registered and is used to calculate the stamp duty and registration fees. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Shankar Nagar 42th Street?

The current guideline value for Shankar Nagar 42th 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, reflecting an overall increase of 1106% over this period.

What is the median guideline value in Pammal?

The median guideline value for streets in Pammal is Rs 2,090 per sq.ft, which is lower than the guideline value of Shankar Nagar 42th Street.

Where is the Sub Registrar Office for Shankar Nagar 42th Street located?

The Sub Registrar Office for Shankar Nagar 42th Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For Shankar Nagar 42th Street, the stamp duty is 7% of the guideline value.