Guideline Value for Shankar Nagar 6th Street

Shankar Nagar 6th Street guideline value

The current guideline value of Shankar Nagar 6th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal Sub Registrar Office (SRO), and is classified as Commercial Class I Type - II.

How the guideline value of Shankar Nagar 6th Street has changed

The guideline value for Shankar Nagar 6th Street has undergone significant changes over the years. In 2002, the value was Rs 228 per sq.ft, which increased to Rs 258 per sq.ft in 2003, marking a rise of 13%. By 2007, the value further increased to Rs 360 per sq.ft, reflecting a 40% increase from the previous revision. The most recent revision in 2024 shows a substantial jump to Rs 2,750 per sq.ft, which is an increase of 664% from the 2007 figure.

Overall, from 2002 to 2024, the guideline value has risen by 1106%. It is important to note that there are no figures available for the years 2012, 2017, and 2023 for 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 for these streets is Rs 2,090 per sq.ft, making the 2024 figure for Shankar Nagar 6th Street above this median.

• Shankar Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 8th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 42th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 9th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 6th 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, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be 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 use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Shankar Nagar 6th Street?

The Shankar Nagar 6th Street falls under the jurisdiction of 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 when registering property transactions in Pammal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold. 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 used to assess the applicable duties, which are charged based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shankar Nagar 6th Street?

The current guideline value of Shankar Nagar 6th 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, which is an overall increase of 1106%.

What is the classification of land on Shankar Nagar 6th Street?

The land classification for Shankar Nagar 6th Street is Commercial Class I Type - II.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, 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.