Guideline Value for Shanthi Nagar 2nd Street

Shanthi Nagar 2nd Street guideline value

The current guideline value of Shanthi Nagar 2nd 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 and is classified as Residential Class II Type - I.

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

The guideline value for Shanthi Nagar 2nd Street has undergone several revisions over the years. The earliest recorded revision was in 2017, where the value was Rs 1,340 per sq.ft. The most recent revision in 2024 shows a significant increase to Rs 2,200 per sq.ft, marking a change of +64% from the 2017 figure.

There are no figures available for the years 2023, 2012, 2007, 2003, and 2002 for this street. Therefore, the only revisions with figures are from 2017 and 2024.

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. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Shanthi Nagar 2nd Street's 2024 figure below the median.

• Shanthi Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Shanthi Nagar 2nd Street?

The Sub Registrar Office that covers Shanthi Nagar 2nd 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

When buying or selling property in Madipakkam-1, the guideline value is used to determine the stamp duty and registration fees payable at the time of registration. The guideline value serves as a benchmark to ensure that the property is registered at a value that reflects its market worth.

It is essential to be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the applicable duties and fees during the registration process.

Frequently asked questions

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

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

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased by 64%, from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the guideline value of Shanthi Nagar 2nd Street.

What are the stamp duty and registration fees for a property in Shanthi Nagar 2nd Street?

For a property with a guideline value of Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office is responsible for property registration in Shanthi Nagar 2nd Street?

The Velacheri Sub Registrar Office is responsible for property registration in Shanthi Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.