Guideline Value for Shanthi Nagar 3rd Street

Shanthi Nagar 3rd Street guideline value

The current guideline value of Shanthi Nagar 3rd 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 3rd Street has changed

The guideline value for Shanthi Nagar 3rd Street has undergone several revisions over the years. The 2017 revision set the guideline value at Rs 1,340 per sq.ft. In the latest 2024 revision, the value increased to Rs 2,200 per sq.ft, marking a significant change of +64% from the previous revision.

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

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, indicating that the guideline value of Shanthi Nagar 3rd Street is below the median.

• Shanthi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Shanthi Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Shanthi Nagar 1st 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 3rd 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, leading to a total of Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanthi Nagar 3rd Street?

The Sub Registrar Office that covers Shanthi Nagar 3rd 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 details.

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

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal ownership transfer. Buyers should be aware of the guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Shanthi Nagar 3rd Street?

The current guideline value of Shanthi Nagar 3rd 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%.

Are there any revisions without figures for this street?

Yes, the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for Shanthi Nagar 3rd Street.

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

Other streets in Madipakkam-1 under the Velacheri SRO have the same guideline value of Rs 2,200 per sq.ft for 2024, including Shanthi Nagar 1st, 2nd, 4th, 5th Streets, and Shanthi Nagar Main road, as well as Sharma Layout (Main Road).

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.