Guideline Value for Shanmugam Street

Shanmugam Street guideline value

The current guideline value of Shanmugam Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO, classified as Residential Class II Type - II.

How the guideline value of Shanmugam Street has changed

Shanmugam Street has seen several revisions in its guideline value over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 2,500 per sq.ft. The latest revision in 2024 has further increased the guideline value to Rs 2,750 per sq.ft, marking a 10% rise from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for Shanmugam Street. Overall, comparing the values from 2012 to 2024, there has been a 10% increase.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 3,100 per sq.ft, which means Shanmugam Street's 2024 figure is below that median.

• Seven Hills Street: Rs 2,750 per sq.ft (2024)
• Sethu Rama Iyear Street: Rs 2,750 per sq.ft (2024)
• Shanthi Nagar (Anna Street): Rs 3,100 per sq.ft (2024)
• Senvarayan Street: Rs 1,950 per sq.ft (2024)
• Senthamizh Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Senthamizh Nagar Annex 2nd Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmugam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanmugam Street?

The Sub Registrar Office that covers Shanmugam Street 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. You can find your SRO here.

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

The guideline value is a crucial factor when registering property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps ensure transparency and fairness in the transaction process. Buyers and sellers must be aware of the current guideline values to avoid discrepancies during registration and to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Shanmugam Street?

The current guideline value of Shanmugam Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Shanmugam Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000. The stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Shanmugam Street?

The Chennai South Joint II Sub Registrar Office covers Shanmugam Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value for property transactions, ensuring that appropriate stamp duty and registration fees are collected. It is essential for both buyers and sellers to be aware of the current guideline values during property transactions.