Guideline Value for Shanthi Nagar 1st Street

Shanthi Nagar 1st Street guideline value

The current guideline value of Shanthi Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Shanthi Nagar 1st Street has changed

The guideline value for Shanthi Nagar 1st Street has seen significant changes over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft, which increased to Rs 2,200 per sq.ft in the 2024 revision, marking a change of +64%.

For the years 2023, 2012, 2007, 2003, and 2002, the register has no figure for this street. The most recent revision reflects a notable increase in the guideline value.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Shanthi Nagar 1st Street's 2024 guideline value is below this median.

• Shanthi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Shanthi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Shanthi Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Shanthi Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Shanthi Nagar Main road: Rs 2,200 per sq.ft (2024)
• Sharma Layout (Main Road): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. 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 Nagar 1st Street?

The Sub Registrar Office that covers Shanthi Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a buyer or seller engages in a property transaction, the guideline value helps ensure that the transaction is recorded accurately. This value is used by the registration office to calculate the necessary fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Shanthi Nagar 1st Street?

The current guideline value of Shanthi Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, representing a change of +64%.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 have guideline values ranging from Rs 2,200 per sq.ft, with the median value for the area being Rs 2,750 per sq.ft.

What fees are applicable when buying property in Shanthi Nagar 1st Street?

When buying property, the stamp duty is 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Shanthi Nagar 1st Street?

The Velacheri Sub Registrar Office covers Shanthi Nagar 1st Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.