Guideline Value for Shantha Avenue 2nd Cross Street

Shantha Avenue 2nd Cross Street guideline value

The current guideline value of Shantha Avenue 2nd Cross Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - II.

How the guideline value of Shantha Avenue 2nd Cross Street has changed

Over the years, the guideline value of Shantha Avenue 2nd Cross Street has seen significant changes. The 2007 revision recorded a value of Rs 350 per sq.ft, which increased dramatically to Rs 2,250 per sq.ft in 2012, marking a rise of 543%. However, the value then decreased to Rs 1,507 per sq.ft in 2017, reflecting a decline of 33%. The 2023 revision set the value at Rs 2,250 per sq.ft, and the latest revision in 2024 has increased it to Rs 2,500 per sq.ft, an increase of 11%.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been an increase of 614%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Shantha Avenue 2nd Cross Street above this median.

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

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, bringing the total fees together to Rs 2,25,000. 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 Shantha Avenue 2nd Cross Street?

The Sub Registrar Office that covers Shantha Avenue 2nd Cross Street 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 of property transactions in Nerkundram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is properly documented and taxed according to the prevailing rates.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction and ensures compliance with local regulations. Proper understanding of these values can help in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Shantha Avenue 2nd Cross Street?

The current guideline value of Shantha Avenue 2nd Cross Street 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 350 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, marking an overall increase of 614% over the years.

What is the land classification for Shantha Avenue 2nd Cross Street?

The land classification for Shantha Avenue 2nd Cross Street is Residential Class III Type - II, indicating its suitability for residential purposes.

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

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles property registrations for Shantha Avenue 2nd Cross Street?

The Virugambakkam Sub Registrar Office handles property registrations for Shantha Avenue 2nd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.