Guideline Value for Shanmugam Nagar Cross Street

Shanmugam Nagar Cross Street guideline value

The current guideline value of Shanmugam Nagar Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Shanmugam Nagar Cross Street has changed

The guideline value for Shanmugam Nagar Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in 2017. Following this, the value increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024. The register has no figure for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decline of 33%, while from 2017 to 2023, the value increased significantly by 49%. The change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from the 2012 revision to the current value in 2024.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is the same as the current value for Shanmugam Nagar Cross Street.

• Shanmugam Nagar Main Road: Rs 1,650 per sq.ft (2024)
• Shanmuganathan Street: Rs 1,320 per sq.ft (2024)
• Shanthi Avenue: Rs 3,300 per sq.ft (2024)
• Shanthi Avenue 1st Street: Rs 1,650 per sq.ft (2024)
• Shanthi Avenue 2nd Street: Rs 3,300 per sq.ft (2024)
• Sha Avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmugam Nagar Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Shanmugam Nagar Cross Street?

The Sub Registrar Office that covers Shanmugam Nagar Cross Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property in Chitlapakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is legally documented and taxed appropriately.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. This value is essential for both buyers and sellers to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Shanmugam Nagar Cross Street?

The current guideline value of Shanmugam Nagar Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the registration fee for property in Shanmugam Nagar Cross Street?

The registration fee is typically calculated at 2% of the guideline value. For a property valued at Rs 16,50,000, the registration fee would be Rs 33,000.

Where is the Sub Registrar Office for Shanmugam Nagar Cross Street located?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees when buying or selling property. It ensures that the transaction is documented legally and that the appropriate taxes are paid.