Guideline Value for Shanmuganathan Street

Shanmuganathan Street guideline value

The current guideline value of Shanmuganathan Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class II Type - I.

How the guideline value of Shanmuganathan Street has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,200 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 1,320 per sq.ft, which is a 10% increase from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for Shanmuganathan Street. Overall, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Chitlapakkam

Chitlapakkam village has a total of 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, placing Shanmuganathan Street's 2024 figure below this median.

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

Stamp duty and registration fee for property in Shanmuganathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanmuganathan Street?

The Sub Registrar Office that covers Shanmuganathan 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 crucial factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees payable during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Shanmuganathan Street?

The current guideline value of Shanmuganathan Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 1,200 per sq.ft in 2012, decreasing to Rs 804 per sq.ft in 2017, then rising to Rs 1,200 per sq.ft in 2023, and finally reaching Rs 1,320 per sq.ft in 2024.

What is the land classification of Shanmuganathan Street?

Shanmuganathan Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find more information about the Sub Registrar Office?

The Tambaram Joint 1 Sub Registrar Office covers Shanmuganathan Street and is located at No.26, Mes Road, East Tambaram, Chennai-600059. You can find more details by visiting the relevant link.