Guideline Value for Shanmuga Nagar

Shanmuga Nagar guideline value

The current guideline value of Shanmuga Nagar, located in Madanandapuram village under the Kunrathur SRO, is Rs 3,190 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of Shanmuga Nagar has changed

The guideline value for Shanmuga Nagar has undergone several revisions over the years. In 2007, the guideline value was set at Rs 400 per sq.ft. This figure saw a significant increase in 2012, where it rose to Rs 2,900 per sq.ft, marking a substantial increase of 625%. However, in 2017, the value dropped to Rs 1,943 per sq.ft, reflecting a decrease of 33%. The value then increased to Rs 2,900 per sq.ft in 2023, which was a gain of 49%. The most recent revision in 2024 has set the guideline value at Rs 3,190 per sq.ft, representing a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 698%.

Guideline values in Madanandapuram

In Madanandapuram, there are 94 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,530 to Rs 5,830 per sq.ft. The median value for these streets is Rs 3,520 per sq.ft, placing Shanmuga Nagar's 2024 figure below this median.

• Senthil Nagar: Rs 3,190 per sq.ft (2024)
• Sarojini Avenue: Rs 3,300 per sq.ft (2024)
• Sri Amman Nagar: Rs 3,520 per sq.ft (2024)
• Sri Annai Avenue: Rs 3,520 per sq.ft (2024)
• Santhosh Nagar Extension 2nd cross Street: Rs 4,290 per sq.ft (2024)
• Sri Moogambigai Nagar: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmuga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,190 per sq.ft, the total guideline value amounts to Rs 31,90,000. The stamp duty at 7% would be Rs 2,23,300, while the registration fee at 2% would be Rs 63,800. Together, the total cost for stamp duty and registration would be Rs 2,87,100. 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 Shanmuga Nagar?

The Sub Registrar Office that covers Shanmuga Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Madanandapuram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable fees, and it is essential for both parties to understand this aspect to avoid any legal complications. The fees are based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately.

Frequently asked questions

What is the current guideline value of Shanmuga Nagar?

The current guideline value of Shanmuga Nagar is Rs 3,190 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 3,190 per sq.ft in 2024, showing an overall increase of 698% over the years.

What is the land classification of Shanmuga Nagar?

The land classification for Shanmuga Nagar is Residential Special Type - III.

What are the stamp duty and registration fees for property in Shanmuga Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 31,90,000, with stamp duty at Rs 2,23,300 and registration fee at Rs 63,800, totaling Rs 2,87,100.

Which office handles registrations for Shanmuga Nagar?

The Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069, handles registrations for Shanmuga Nagar.