Guideline Value for Shanmuga Nagar

Shanmuga Nagar guideline value

The current guideline value of Shanmuga Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village and falls under the Padappai SRO. The land classification for this street is Residential Class III Type - I.

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 Rs 120 per sq.ft, which increased significantly to Rs 900 per sq.ft in 2012. However, this figure saw a decrease to Rs 603 per sq.ft in 2017. The following revision in 2023 brought it back up to Rs 900 per sq.ft, and the most recent revision in 2024 set the value at Rs 990 per sq.ft. It is important to note that the register has no figure for this street in 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%, while there was a significant drop of 33% from 2012 to 2017. The 2007 to 2012 period saw a remarkable increase of 650%. Overall, from 2007 to 2024, the guideline value has risen by 725%.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value of Shanmuga Nagar is below this median.

• Shakthi Nagar: Rs 1,650 per sq.ft (2024)
• Shanthi Nagar: Rs 1,650 per sq.ft (2024)
• Shanthinikethan Nagar: Rs 1,650 per sq.ft (2024)
• Shanthinikethan Nagar Extension: Rs 1,650 per sq.ft (2024)
• Seshadri Nagar: Rs 990 per sq.ft (2024)
• Serasa Sangaamam Avenue: Rs 2,300 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 would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, while the registration fee at 2% would be Rs 19,800, bringing the total 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 our stamp duty and registration fee calculator for more precise calculations.

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. To find your SRO, you can visit this link.

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

The guideline value is a critical factor when registering property transactions in Varadarajapuram. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is recorded at a fair value according to the local regulations.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal documentation. This ensures that all transactions are transparent and comply with the local laws governing property sales.

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 120 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, reflecting an overall increase of 725% over the years.

What is the land classification for Shanmuga Nagar?

Shanmuga Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the other streets with guideline values in Varadarajapuram?

Other streets in Varadarajapuram include Shakthi Nagar, Shanthi Nagar, Shanthinikethan Nagar, Shanthinikethan Nagar Extension, Seshadri Nagar, and Serasa Sangaamam Avenue, with values ranging from Rs 990 to Rs 2,300 per sq.ft in 2024.

Where is the Sub Registrar Office for Shanmuga Nagar located?

The Padappai Sub Registrar Office, which covers Shanmuga Nagar, is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.