Guideline Value for Shanmuga Nagar

Shanmuga Nagar guideline value

The current guideline value of Shanmuga Nagar, located in Noombal village under the Kunrathur SRO, is Rs 2,420 per sq.ft. This value is effective from the 2024 revision, which was implemented on 1 July 2024. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Shanmuga Nagar has changed

The guideline value for Shanmuga Nagar has undergone significant changes over the years. In the 2003 revision, the value was Rs 154 per sq.ft. This figure saw a substantial increase to Rs 1,474 per sq.ft in 2017, marking a remarkable rise of 857%. The subsequent revision in 2023 set the value at Rs 2,200 per sq.ft, reflecting a 49% increase from the previous figure. The latest revision in 2024 has raised the guideline value to Rs 2,420 per sq.ft, which is a 10% increase from 2023.

It is important to note that there are no registered figures for Shanmuga Nagar in the years 2002, 2007, and 2012.

Guideline values in Noombal

Within Noombal village, there are 164 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,500 per sq.ft. The median guideline value in this area is Rs 2,090 per sq.ft, placing Shanmuga Nagar's 2024 figure above that median.

• Shanmuga Nagar Annexe: Rs 2,420 per sq.ft (2024)
• Seriya Street: Rs 2,090 per sq.ft (2024)
• Serasa Eden: Rs 4,290 per sq.ft (2024)
• S.H.M. Nagar: Rs 2,090 per sq.ft (2024)
• Selva Ganapathy Nagar: Rs 2,090 per sq.ft (2024)
• Sokkalingam Nagar: Rs 2,420 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 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total to Rs 2,17,800. 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?

The Shanmuga Nagar area falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Noombal. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must ensure that the sale price meets or exceeds this guideline value to comply with legal requirements.

When registering a property, the guideline value is used to calculate applicable duties and fees, ensuring that both parties are aware of the financial obligations involved in the transaction. This process helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Shanmuga Nagar?

The current guideline value of Shanmuga Nagar is Rs 2,420 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2003?

Since 2003, the guideline value has increased from Rs 154 per sq.ft to Rs 2,420 per sq.ft in 2024, marking an overall increase of 1471%.

What was the guideline value in 2017?

In 2017, the guideline value for Shanmuga Nagar was Rs 1,474 per sq.ft.

What is the stamp duty for property in Shanmuga Nagar?

The stamp duty for property in Shanmuga Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.