Guideline Value for Shanmuga Nagar

Shanmuga Nagar guideline value

The current guideline value of Shanmuga Nagar, located in Serapanancheri village under the Padappai SRO, is Rs 990 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Shanmuga Nagar has changed

The guideline value for Shanmuga Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 900 per sq.ft, which decreased to Rs 603 per sq.ft in 2017. Following this, the value increased significantly to Rs 900 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 990 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%. Overall, from the 2012 figure to the current 2024 value, there has been a 10% increase. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Serapanancheri

In Serapanancheri, there are 53 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,440 per sq.ft, with a median value of Rs 720 per sq.ft. The guideline value for Shanmuga Nagar is above this median.

• Shanthi Durga Nagar: Rs 720 per sq.ft (2024)
• Shanthi Durga Nagar Extn: Rs 720 per sq.ft (2024)
• Shridi Saibaba Nagar: Rs 990 per sq.ft (2024)
• Sastha Nagar: Rs 720 per sq.ft (2024)
• Sri Ashwinin Nagar: Rs 720 per sq.ft (2024)
• Sri Bala Garden: Rs 1,200 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 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total fees to Rs 89,100. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Shanmuga Nagar?

The Sub Registrar Office that covers Shanmuga Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more assistance.

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

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

When a property is sold, the guideline value is used to calculate the applicable duties, ensuring that the government receives the correct amount based on the property's value. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Shanmuga Nagar?

The current guideline value of Shanmuga Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification for Shanmuga Nagar?

Shanmuga Nagar is classified as Residential Special Type - I.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty is Rs 69,300 and the registration fee is Rs 19,800, totaling Rs 89,100.

Which office handles registrations for Shanmuga Nagar?

The Padappai Sub Registrar Office handles registrations for Shanmuga Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.