Guideline Value for Shanmugam Nagar Main Road

Shanmugam Nagar Main Road guideline value

The current guideline value of Shanmugam Nagar Main Road is Rs 1,650 per sq.ft, effective from 1 July 2024. This road is located in Chitlapakkam village under the Tambaram Joint 1 SRO, classified as Residential Class I Type - III.

How the guideline value of Shanmugam Nagar Main Road has changed

Over the years, the guideline value for Shanmugam Nagar Main Road has seen several revisions. 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 the 2023 revision, and finally to Rs 1,650 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

Between the revisions, the most notable changes include a 33% decrease from 2012 to 2017, followed by a significant 49% increase from 2017 to 2023. The 2023 to 2024 revision reflects a 10% increase. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

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 equal to the current value of Shanmugam Nagar Main Road.

• Shanmugam Nagar Cross Street: 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 Main Road

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. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanmugam Nagar Main Road?

The Sub Registrar Office that covers Shanmugam Nagar Main Road 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 plays a crucial role in the registration process of property transactions in Chitlapakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with legal requirements. This value is regularly updated, and staying informed can help avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Shanmugam Nagar Main Road?

The current guideline value of Shanmugam Nagar Main Road 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 increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Shanmugam Nagar Main Road?

Shanmugam Nagar Main Road is classified as Residential Class I Type - III.

Where is the Sub Registrar Office for Shanmugam Nagar Main Road located?

The Sub Registrar Office covering Shanmugam Nagar Main Road is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be calculated at 7% of this amount.