Guideline Value for Shankar Street

Shankar Street guideline value

The current guideline value of Shankar Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Shankar Street has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision, reflecting a change of -33%. However, the guideline value saw a significant increase to Rs 1,300 per sq.ft in the 2024 revision, marking a rise of +62% from the 2017 figure. The register has no figure for Shankar Street in the years 2023, 2007, 2003, and 2002.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by +8%. This indicates that while there were fluctuations in the intervening years, the current value has returned to a level close to that of 2012.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Shankar Street's 2024 figure below that median.

• Shankaralingam Street: Rs 1,300 per sq.ft (2024)
• Shanmugasundaram Nagar 1st st ( Ward No.11 ): Rs 1,600 per sq.ft (2024)
• Shanmugasundaram Nagar 2nd St (Ward-11): Rs 1,600 per sq.ft (2024)
• Shanmugasundaram Nagar 2nd st ( Ward No.10 ): Rs 1,600 per sq.ft (2024)
• Shanmugasundaram Nagar 3rd st ( Ward No.11 ): Rs 1,600 per sq.ft (2024)
• Shanmugasundaram Nagar 4th st ( Ward No.11 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Shankar Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 13,00,000. The stamp duty is charged at 7%, resulting in Rs 91,000, while the registration fee at 2% amounts to Rs 26,000. Together, the total cost would be Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shankar Street?

The Sub Registrar Office that covers Shankar Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madhavaram

The guideline value is an essential reference point during property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value ensures that the transaction is recorded at a fair price, reflecting the current market conditions as set by the Registration Department. This helps in maintaining transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Shankar Street?

The current guideline value of Shankar Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then up to Rs 1,300 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of +8%.

What is the land classification for Shankar Street?

Shankar Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total cost would be Rs 1,17,000.

Where is the Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.