Guideline Value for Shanmuga Nagar

Shanmuga Nagar guideline value

The current guideline value of Shanmuga Nagar, located in Pammathukulam village under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - II.

How the guideline value of Shanmuga Nagar has changed

Over the years, the guideline value of Shanmuga Nagar has seen several revisions. The earliest recorded figure is from 2002, which was Rs 189 per sq.ft. This increased to Rs 20 per sq.ft in 2003, followed by a significant rise to Rs 300 per sq.ft in 2007. The value then changed to Rs 400 per sq.ft in 2012, but dropped to Rs 268 per sq.ft in 2017. The most recent revisions show an increase to Rs 400 per sq.ft in 2023, and finally to Rs 440 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%. The jump from 2003 to 2007 was particularly significant at 1400%. The overall change from 2002 to 2024 reflects a 133% increase in the guideline value.

Guideline values in Pammathukulam

Pammathukulam village has a range of guideline values across its 101 streets under the Redhills SRO, with values ranging from Rs 330 to Rs 825 per sq.ft. The median guideline value in this area is Rs 550 per sq.ft, indicating that the guideline value for Shanmuga Nagar is below this median.

• Southern Railway Employees Nagar: Rs 550 per sq.ft (2024)
• Sri Abirami Nagar: Rs 550 per sq.ft (2024)
• Sri Abirami Nagar Extention: Rs 550 per sq.ft (2024)
• Sri Abirami Nagar Extention - 1: Rs 550 per sq.ft (2024)
• Sri Abirami Nagar Extn - II: Rs 550 per sq.ft (2024)
• Sri Balaji Nagar: Rs 330 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 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total to Rs 39,600. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Shanmuga Nagar?

The Sub Registrar Office that covers Shanmuga Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Pammathukulam. It serves as a benchmark for determining the minimum value of a property, which is essential for calculating stamp duty and registration fees during the transaction process.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers should always consider the current guideline value to understand their financial obligations accurately.

Frequently asked questions

What is the current guideline value of Shanmuga Nagar?

The current guideline value of Shanmuga Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 189 per sq.ft in 2002 to Rs 440 per sq.ft in 2024, reflecting an overall increase of 133% over these years.

What is the land classification for Shanmuga Nagar?

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

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

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600.

Which office handles property registrations for Shanmuga Nagar?

The Redhills Sub Registrar Office handles property registrations for Shanmuga Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.