Guideline Value for Shanthi Colony, Ponniammanmedu (Ward-21)

Shanthi Colony, Ponniammanmedu (Ward-21) guideline value

The current guideline value of Shanthi Colony, Ponniammanmedu (Ward-21) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I and falls under the Madhavaram village, governed by the Madhavaram SRO.

How the guideline value of Shanthi Colony, Ponniammanmedu (Ward-21) has changed

The guideline value for Shanthi Colony has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft. However, this figure decreased significantly to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. In the most recent 2024 revision, the guideline value increased to Rs 1,600 per sq.ft, representing a 59% rise from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, there has been a slight increase of 7%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which aligns with the current value for Shanthi Colony.

• Shanthi Colony 2nd st (Ward No.21): Rs 1,600 per sq.ft (2024)
• Shanthi Colony 1st st (Ward No.21): Rs 1,600 per sq.ft (2024)
• Shanthi Nagar: Rs 1,600 per sq.ft (2024)
• Shanmugasundaram Nagar (Ward-11): Rs 1,600 per sq.ft (2024)
• Shanmugasundaram Nagar 4th st (Ward No.11): Rs 1,600 per sq.ft (2024)
• Shanmugasundaram Nagar 3rd st (Ward No.11): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Colony, Ponniammanmedu (Ward-21)

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanthi Colony, Ponniammanmedu (Ward-21)?

The Sub Registrar Office that covers Shanthi Colony, Ponniammanmedu (Ward-21) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

When selling property, the guideline value helps establish a baseline for pricing. Sellers often consider the guideline value to set competitive prices, ensuring that they align with the current market standards as defined by the local registration office.

Frequently asked questions

What is the current guideline value for Shanthi Colony, Ponniammanmedu (Ward-21)?

The current guideline value for Shanthi Colony, Ponniammanmedu (Ward-21) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then to Rs 1,600 per sq.ft in 2024. This shows a decline from 2012 to 2017, followed by a significant increase to the current value.

What is the land classification for Shanthi Colony?

Shanthi Colony is classified as Residential Class II Type - I, indicating its suitability for residential development and activities.

Where can I find the Sub Registrar Office for Shanthi Colony?

The Sub Registrar Office for Shanthi Colony, Ponniammanmedu (Ward-21) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Shanthi Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000 at the rate of 7%.