Guideline Value for Shankar Nagar 7th Street

Shankar Nagar 7th Street guideline value

The current guideline value of Shankar Nagar 7th 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 7th Street has changed

The guideline value for Shankar Nagar 7th 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. By 2007, the value had further increased to Rs 360 per sq.ft, reflecting a 40% increase from the previous revision. The register has no figure for this street for the years 2012, 2017, and 2023.

The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, representing a substantial increase of 664% from the 2007 figure. Overall, from 2002 to 2024, the guideline value has risen by 1106%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft as of 2024. The median guideline value in the village is Rs 2,090 per sq.ft, positioning Shankar Nagar 7th Street's current value above this median.

• Shankar Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 8th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 42th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 7th 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, making the total fees together 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.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shankar Nagar 7th Street?

The Sub Registrar Office covering Shankar Nagar 7th 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 details.

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 is used to determine the stamp duty and registration fees applicable when a property is bought or sold. Buyers must be aware that the guideline value can influence the overall cost of property transactions significantly.

When registering a property, the guideline value serves as a benchmark for the minimum value on which stamp duty is calculated. This ensures that all property transactions are recorded accurately and fairly, reflecting the official value set by the authorities.

Frequently asked questions

What is the current guideline value of Shankar Nagar 7th Street?

The current guideline value of Shankar Nagar 7th 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 land classification of Shankar Nagar 7th Street?

Shankar Nagar 7th Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the Pammal Sub Registrar Office?

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

How is the stamp duty calculated for properties in Shankar Nagar 7th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at a rate of 7%.