Guideline Value for Shanthi Nagar

Shanthi Nagar guideline value

The current guideline value of Shanthi Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024. This area is located in Vallam village, under the Chengleput Joint I SRO, and is classified as Residential Special Type - I.

How the guideline value of Shanthi Nagar has changed

The guideline value for Shanthi Nagar has seen several revisions over the years. In the 2007 revision, the value was set at Rs 250 per sq.ft. This increased significantly to Rs 1,000 per sq.ft in the 2012 revision. However, in the 2017 revision, the value was adjusted to Rs 670 per sq.ft, marking a decrease of 33% from the previous revision. The guideline value remained at Rs 1,000 per sq.ft in both the 2023 and 2024 revisions, showing no change between these two years.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 300% in the guideline value for Shanthi Nagar.

Guideline values in Vallam

In Vallam village, there are 30 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 750 to Rs 1,000 per sq.ft. The median value for these streets is Rs 1,000 per sq.ft, which is equal to the current guideline value of Shanthi Nagar.

• Selvam Nagar: Rs 800 per sq.ft (2024)
• School Street: Rs 750 per sq.ft (2024)
• Sree Nagar: Rs 850 per sq.ft (2024)
• Sri AathiBakavathi Nagar: Rs 800 per sq.ft (2024)
• Sri Balaji nagar: Rs 850 per sq.ft (2024)
• Sabari Nagar: Rs 850 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,000 per sq.ft, the guideline value would be Rs 10,00,000. The stamp duty at 7% would amount to Rs 70,000, and the registration fee at 2% would be Rs 20,000, totaling Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Shanthi Nagar?

The Sub Registrar Office that covers Shanthi Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vallam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official value set by the government.

When registering a property, buyers and sellers must be aware that the guideline value will influence the overall transaction costs. The fees are assessed based on the guideline value or the sale price, whichever is higher, which helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Shanthi Nagar?

The current guideline value of Shanthi Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revisions being Rs 1,000 per sq.ft in both 2023 and 2024, and Rs 670 per sq.ft in 2017.

What is the land classification of Shanthi Nagar?

Shanthi Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for property in Shanthi Nagar?

For a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000, and the registration fee would be Rs 20,000, totaling Rs 90,000.

Where is the Sub Registrar Office for Shanthi Nagar located?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Tamil Nadu.