Guideline Value for Shanthi Colony 2nd st ( Ward No.21 )

Shanthi Colony 2nd st ( Ward No.21 ) guideline value

The current guideline value of Shanthi Colony 2nd st ( Ward No.21 ) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Shanthi Colony 2nd st ( Ward No.21 ) has changed

In the 2012 revision, the guideline value was Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, the value increased significantly to Rs 1,600 per sq.ft, representing a 59% rise.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. It is important to note that the register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which is equal to the current value of Shanthi Colony 2nd st ( Ward No.21 ).

• Shanthi Colony 1st st ( Ward No.21 ): Rs 1,600 per sq.ft (2024)
• Shanthi Colony, Ponniammanmedu (Ward-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 2nd st ( Ward No.21 )

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be 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, bringing the total to 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 2nd st ( Ward No.21 )?

The Sub Registrar Office that covers Shanthi Colony 2nd st ( Ward No.21 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a reference point used during property registration in Madhavaram. It helps determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shanthi Colony 2nd st ( Ward No.21 )?

The current guideline value of Shanthi Colony 2nd st ( Ward No.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 changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,600 per sq.ft in 2024. Overall, from 2012 to 2024, there has been a 7% increase.

What is the land classification of Shanthi Colony 2nd st ( Ward No.21 )?

Shanthi Colony 2nd st ( Ward No.21 ) is classified as Residential Class II Type - I.

Which office handles property registrations for Shanthi Colony 2nd st ( Ward No.21 )?

The Madhavaram Sub Registrar Office handles property registrations for Shanthi Colony 2nd st ( Ward No.21 ). The office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madhavaram?

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