Guideline Value for Shanmugam Street

Shanmugam Street guideline value

The current guideline value of Shanmugam Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Shanmugam Street has changed

In the 2012 revision, the guideline value was set at Rs 3,500 per sq.ft. This figure remained until the 2024 revision, which increased the value by 10% to Rs 3,850 per sq.ft. There are no figures available for the years 2023, 2017, 2007, 2003, and 2002 in the register for this street.

Thus, the only recorded revisions for Shanmugam Street are from 2012 to 2024, showing a clear increase in the guideline value over this period.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that the guideline value of Shanmugam Street is below this median.

• Shankar Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Shankar Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Shankar Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Shanthi 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Shanthi 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar 5th Street: Rs 4,400 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 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. 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 Street?

The Sub Registrar Office that covers Shanmugam Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Shanmugam Street?

The current guideline value of Shanmugam Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Shanmugam Street has changed from Rs 3,500 per sq.ft in 2012 to Rs 3,850 per sq.ft in 2024, showing an increase of 10%.

Are there any revisions for Shanmugam Street in the years 2003, 2007, 2017, and 2023?

No, the register has no figures for Shanmugam Street for the years 2003, 2007, 2017, and 2023.

What is the registration office for properties in Velachery?

The registration office for properties in Velachery is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for property in Shanmugam Street?

Stamp duty for property in Shanmugam Street is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 2,69,500.