Guideline Value for Shanmuga Nagar Sathyam Street

Shanmuga Nagar Sathyam Street guideline value

The current guideline value of Shanmuga Nagar Sathyam Street is Rs 2,200 per sq.ft. This street is located in Nerkundram village, under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Shanmuga Nagar Sathyam Street has changed

The guideline value for Shanmuga Nagar Sathyam Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased to Rs 2,000 per sq.ft in 2023, and finally, it rose to Rs 2,200 per sq.ft in the 2024 revision, effective from 1 July 2024. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The overall change from 2012 to 2024 shows a 10% increase in the guideline value.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Shanmuga Nagar Sathyam Street.

• Shantha Avenue 1st Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 2nd Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 3rd Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 4th Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue Main Road: Rs 2,500 per sq.ft (2024)
• Senthamil Nagar Main Road: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmuga Nagar Sathyam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Shanmuga Nagar Sathyam Street?

The Sub Registrar Office that covers Shanmuga Nagar Sathyam Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shanmuga Nagar Sathyam Street?

The current guideline value of Shanmuga Nagar Sathyam Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024. There were no figures available for the years 2002, 2003, and 2007.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which office handles property registrations for Shanmuga Nagar Sathyam Street?

The Virugambakkam Sub Registrar Office handles property registrations for Shanmuga Nagar Sathyam Street. It is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Shanmuga Nagar Sathyam Street?

The land classification for Shanmuga Nagar Sathyam Street is Residential Class IV Type - I. This classification indicates the type of development permitted in the area.