Guideline Value for Shanthi Nagar 2nd Street

Shanthi Nagar 2nd Street guideline value

The current guideline value for Shanthi Nagar 2nd Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Shanthi Nagar 2nd Street has changed

The guideline value for Shanthi Nagar 2nd Street has seen several revisions over the years. The oldest recorded figure is from 2007, where the value was Rs 1,000 per sq.ft. This increased significantly to Rs 3,300 per sq.ft in 2012, marking a substantial rise of 230%. However, from 2012 to 2017, the value decreased to Rs 2,211 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 3,600 per sq.ft, which is an increase of 63% from 2017.

It is important to note that there are no recorded figures for the years 2023, 2003, and 2002 for this street. Overall, from 2007 to 2024, the guideline value has increased by 260%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value is Rs 3,300 per sq.ft, which means that the guideline value for Shanthi Nagar 2nd Street is above this median.

• Shanthi Nagar 2nd Cross Street: Rs 3,600 per sq.ft (2024)
• Shanthi Nagar 3rd Cross Street: Rs 3,600 per sq.ft (2024)
• Shanthi Nagar 1st Street: Rs 3,600 per sq.ft (2024)
• Shanthi Nagar 3rd Street: Rs 3,600 per sq.ft (2024)
• Shanthi Nagar 1st Cross Street: Rs 3,600 per sq.ft (2024)
• Shanthi Nagar 4th Cross Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value amounts to Rs 36,00,000. The stamp duty at 7% would be Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, bringing the total cost for these fees to Rs 3,24,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Shanthi Nagar 2nd Street?

The Sub Registrar Office that covers Shanthi Nagar 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the applicable stamp duty and registration fees, ensuring that both the buyer and seller are aware of the financial obligations involved in the transaction.

When buying or selling property, it is essential to consider the guideline value as it impacts the overall cost of the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid discrepancies during registration.

Frequently asked questions

What is the current guideline value for Shanthi Nagar 2nd Street?

The current guideline value for Shanthi Nagar 2nd Street is Rs 3,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,600 per sq.ft in 2024, showing an overall increase of 260%.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 36,00,000, with a stamp duty of Rs 2,52,000 and a registration fee of Rs 72,000, totaling Rs 3,24,000.

Which office handles registrations for Shanthi Nagar 2nd Street?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, handles registrations for Shanthi Nagar 2nd Street.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value at which a property can be registered and is essential for calculating stamp duty and registration fees during property transactions.