Guideline Value for Shanthi Nagar

Shanthi Nagar guideline value

The current guideline value of Shanthi Nagar, located in Vedanareyanapuram village under the Chengleput Joint I SRO, is Rs 600 per sq.ft. This value is effective from 1 July 2024 and falls under the land classification of Residential Special Type - I.

How the guideline value of Shanthi Nagar has changed

Over the years, the guideline value for Shanthi Nagar has undergone several revisions. The earliest available figure is from the 2007 revision, which was Rs 123 per sq.ft. This value increased significantly to Rs 600 per sq.ft in the 2012 revision. However, in the 2017 revision, it dropped to Rs 402 per sq.ft. The guideline value remained unchanged at Rs 600 per sq.ft in both the 2023 and 2024 revisions, indicating a 49% increase from 2017 to 2023, and no change from 2023 to 2024.

The overall change from the 2007 revision to the 2024 revision is an increase of 388%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Vedanareyanapuram

In Vedanareyanapuram, there are 31 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,050 per sq.ft. The median guideline value for these streets is Rs 600 per sq.ft, which aligns with the current guideline value of Shanthi Nagar.

• Sri Magaveer Nagar: Rs 501 per sq.ft (2024)
• Sri Nagar: Rs 500 per sq.ft (2024)
• Sri Rajeswari Nagar: Rs 600 per sq.ft (2024)
• Ragavendra nagar Ext: Rs 600 per sq.ft (2024)
• Ragavendra nagar: Rs 600 per sq.ft (2024)
• Ragavan Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value would be Rs 6,00,000. The stamp duty at 7% would amount to Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees together to Rs 54,000. 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 more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Vedanareyanapuram. It is the minimum value set by the government for property transactions, ensuring that the sale price is not undervalued for tax purposes.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware that these fees are based on the guideline value or the actual sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Shanthi Nagar?

The current guideline value of Shanthi Nagar is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various revisions, with the most significant increase occurring from Rs 123 per sq.ft in 2007 to Rs 600 per sq.ft in 2012, and it remained unchanged at Rs 600 per sq.ft in 2023 and 2024.

What is the land classification for Shanthi Nagar?

Shanthi Nagar falls under the land classification of Residential Special Type - I, indicating its designation for residential purposes.

Where can I find the Chengleput Joint I SRO?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. This office handles the registration of properties in Shanthi Nagar.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at Rs 600 per sq.ft incurs a total guideline value of Rs 6,00,000, leading to specific fees for stamp duty and registration.