Guideline Value for Shantha Avenue Main Road

Shantha Avenue Main Road guideline value

The current guideline value of Shantha Avenue Main Road is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Shantha Avenue Main Road has changed

The guideline value for Shantha Avenue Main Road has seen several revisions over the years. In 2002, the value was Rs 92 per sq.ft, which increased to Rs 102 per sq.ft in 2003, marking a rise of 11%. The value then rose significantly to Rs 350 per sq.ft in 2007, reflecting a 243% increase. Following this, the value jumped to Rs 2,250 per sq.ft in 2012, resulting in a remarkable increase of 543%. However, the value decreased to Rs 1,507 per sq.ft in 2017, a decline of 33%. The most recent revisions show an increase from Rs 1,507 per sq.ft in 2017 to Rs 2,250 per sq.ft in 2023, which is a 49% increase, and then to the current value of Rs 2,500 per sq.ft in 2024, representing an 11% rise.

There are no figures available for the revisions of this street in the years not mentioned. Overall, from 2002 to 2024, the guideline value has increased by 2,617%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Shantha Avenue Main Road's 2024 value above this median.

• Shantha Avenue 4th Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 3rd Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 2nd Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 1st Cross Street: Rs 2,500 per sq.ft (2024)
• Shanmuga Nagar Sathyam Street: Rs 2,200 per sq.ft (2024)
• Senthamil Nagar Main Road: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Shantha Avenue Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, making the total cost for these fees Rs 2,25,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shantha Avenue Main Road?

The Sub Registrar Office that covers Shantha Avenue Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It is used to calculate the stamp duty and registration fees, which are mandatory for all property transactions. The fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

When a buyer or seller approaches the registration office, they must provide the guideline value to determine the applicable fees. This process ensures transparency and compliance with local regulations, making it essential for all parties involved in the transaction.

Frequently asked questions

What is the current guideline value of Shantha Avenue Main Road?

The current guideline value of Shantha Avenue Main Road is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 92 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 2,617% over the years.

What is the land classification for Shantha Avenue Main Road?

Shantha Avenue Main Road is classified as Residential Class III Type - II, indicating its suitability for residential development.

Where is the Sub Registrar Office for Shantha Avenue Main Road located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current rate incurs a total fee of Rs 2,25,000.