Guideline Value for Shantha Avenue 3rd Cross Street

Shantha Avenue 3rd Cross Street guideline value

The current guideline value of Shantha Avenue 3rd Cross Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Shantha Avenue 3rd Cross Street has changed

The guideline value has seen several revisions over the years. The earliest recorded value for this street is from 2007, which was Rs 350 per sq.ft. This increased significantly to Rs 2,250 per sq.ft in 2012, marking a substantial rise of 543%. However, the value then decreased to Rs 1,507 per sq.ft in 2017, reflecting a drop of 33%. The value climbed again to Rs 2,250 per sq.ft in 2023, and then reached the current value of Rs 2,500 per sq.ft in 2024, which is an increase of 11% from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 614%. There are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO, with guideline values 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 3rd Cross Street's 2024 figure above that median.

• Shantha Avenue 2nd Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 4th Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 1st 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 3rd 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 would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, while 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.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shantha Avenue 3rd Cross Street?

The Sub Registrar Office that covers Shantha Avenue 3rd 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 additional information.

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

The guideline value is a crucial factor during the registration of property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government collects appropriate stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value as it affects the overall cost of the transaction. The value influences the fees payable and is often used to assess the legitimacy of the sale price in relation to market conditions.

Frequently asked questions

What is the current guideline value of Shantha Avenue 3rd Cross Street?

The current guideline value of Shantha Avenue 3rd 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, reflecting an overall increase of 614% over the years.

What is the land classification for Shantha Avenue 3rd Cross Street?

Shantha Avenue 3rd Cross Street is classified as Residential Class III Type - II.

What are the stamp duty and registration fees for property transactions?

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 registrations for Shantha Avenue 3rd Cross Street?

The Virugambakkam Sub Registrar Office handles registrations for Shantha Avenue 3rd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.