Guideline Value for Shankar Nagar 8th Street

Shankar Nagar 8th Street guideline value

The current guideline value of Shankar Nagar 8th 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 8th Street has changed

The guideline value for Shankar Nagar 8th Street has undergone several revisions since 2002. The value started at Rs 228 per sq.ft in 2002, then 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, showing a 40% change from the previous revision. There are no figures available for the years 2012, 2017, and 2023 for this street.

In the 2024 revision, the guideline value reached Rs 2,750 per sq.ft, reflecting a substantial increase of 664% from the 2007 figure. Overall, from 2002 to 2024, the guideline value has risen by 1106%, showcasing significant growth over the years.

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, placing Shankar Nagar 8th Street's 2024 value above this median.

• Shankar Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Shankar Nagar /MainRoad: Rs 2,750 per sq.ft (2024)
• Shankar Nagar 4th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Nagar 8th 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, resulting in a total of 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 further calculations.

Which Sub Registrar Office covers Shankar Nagar 8th Street?

The Sub Registrar Office that covers Shankar Nagar 8th Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 in property transactions in Pammal. It is used to determine the stamp duty and registration fees payable when a property is bought or sold. Buyers and sellers must consider this value as it directly impacts the overall cost of the transaction.

During the registration process, the guideline value is assessed to ensure that the property is valued accurately. This helps in maintaining transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Shankar Nagar 8th Street?

The current guideline value of Shankar Nagar 8th 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 changed significantly from Rs 228 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 1106%.

What is the land classification of Shankar Nagar 8th Street?

Shankar Nagar 8th Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where is the Pammal Sub Registrar Office located?

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

How is stamp duty calculated for properties in Shankar Nagar 8th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500.