Guideline Value for Shankaralingam Street

Shankaralingam Street guideline value

The current guideline value of Shankaralingam Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Shankaralingam Street has changed

The guideline value for Shankaralingam Street has seen several revisions over the years. The earliest recorded figure is from 2012, where the guideline value was Rs 1,200 per sq.ft. This was followed by a decrease in 2017 to Rs 804 per sq.ft, representing a decline of 33%. However, in the 2024 revision, the guideline value increased significantly to Rs 1,300 per sq.ft, marking a rise of 62% from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has increased by 8%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2023 for this street.

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, which means that the current value of Shankaralingam Street is below the median.

• Shankar Street: Rs 1,300 per sq.ft (2024)
• Shabeer Avenue (Ponniamman Medu): 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)

Stamp duty and registration fee for property in Shankaralingam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000. Together, the total cost for stamp duty and registration would be Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shankaralingam Street?

The Sub Registrar Office that covers Shankaralingam 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 a crucial factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. 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 calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded at a value that reflects the official rates set by the government.

Frequently asked questions

What is the current guideline value of Shankaralingam Street?

The current guideline value of Shankaralingam 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 changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then to Rs 1,300 per sq.ft in 2024. This reflects a significant increase from the 2017 figure.

Are there any years with no guideline value for Shankaralingam Street?

Yes, there are no figures available for the revisions in 2002, 2003, 2007, and 2023 for Shankaralingam Street.

What is the stamp duty rate for properties in Shankaralingam Street?

The stamp duty rate for properties in Shankaralingam Street is 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Madhavaram?

The Madhavaram Sub Registrar Office handles property registrations in Madhavaram, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.