Guideline Value for Shanmugam Colony

Shanmugam Colony guideline value

The current guideline value of Shanmugam Colony, located in Parangimalai village, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Shanmugam Colony has changed

The guideline value for Shanmugam Colony has undergone several revisions over the years. In 2002, the guideline value was Rs 534 per sq.ft, which increased to Rs 482 per sq.ft in 2003. Following this, the value rose significantly to Rs 800 per sq.ft in 2007, and then further increased to Rs 3,000 per sq.ft in 2012. However, there was a decrease to Rs 2,010 per sq.ft in 2017. The value saw a substantial increase to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft in 2024. The changes from the previous revisions include a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 275% increase from 2007 to 2012, a 66% increase from 2003 to 2007, and a 10% decrease from 2002 to 2003.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value of Shanmugam Colony is below this median.

• Seven Wells Street: Rs 3,300 per sq.ft (2024)
• Seven Wells Poonthottam Street: Rs 3,300 per sq.ft (2024)
• Seven Wells 2nd Street: Rs 3,300 per sq.ft (2024)
• Seven Wells 1st Street: Rs 3,300 per sq.ft (2024)
• Sembada Street: Rs 3,850 per sq.ft (2024)
• Shripuram Colony: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmugam Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanmugam Colony?

The Shanmugam Colony falls under the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value will be compared with the sale price, and the higher of the two will be used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Shanmugam Colony?

The current guideline value of Shanmugam Colony is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 534 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 518% over the years.

What is the registration office for Shanmugam Colony?

The registration office for Shanmugam Colony is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Shanmugam Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.

What are the other streets with the same guideline value in Parangimalai?

Other streets in Parangimalai with the same guideline value of Rs 3,300 per sq.ft include Seven Wells Street, Seven Wells Poonthottam Street, Seven Wells 2nd Street, and Seven Wells 1st Street.