Guideline Value for Shanthi Nagar

Shanthi Nagar guideline value

The current guideline value of Shanthi Nagar, located in Madambakkam village under the Gooduvancheri SRO, is Rs 1,200 per sq.ft as per the 2024 revision, effective from 1 July 2024. The land classification for this area is Commercial Special Type - I.

How the guideline value of Shanthi Nagar has changed

In the 2007 revision, the guideline value was set at Rs 245 per sq.ft. This figure saw a significant increase in the 2012 revision, where it rose to Rs 1,200 per sq.ft, marking an increase of 390%. However, in the 2017 revision, the value decreased to Rs 804 per sq.ft, which was a decline of 33%. The guideline value then increased again to Rs 1,200 per sq.ft in both the 2023 and 2024 revisions, showing no change between these two years.

To summarize the changes, from 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 390%.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft, with a median of Rs 1,200 per sq.ft. The guideline value for Shanthi Nagar is equal to this median.

• Shagithya Avenue: Rs 1,200 per sq.ft (2024)
• Sethuganga Nagar: Rs 1,200 per sq.ft (2024)
• Sillambu Nagar: Rs 1,200 per sq.ft (2024)
• Selva Vinayagar Nagar: Rs 1,200 per sq.ft (2024)
• Siva Nagar: Rs 1,200 per sq.ft (2024)
• Sivasakthi Nagar: Rs 1,200 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 1,200 per sq.ft, the total guideline value would be Rs 12,00,000. The stamp duty at 7% would amount to Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total to Rs 1,08,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanthi Nagar?

The Sub Registrar Office that covers Shanthi Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, 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 Madambakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Madambakkam. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers should be aware that the guideline value is a reference point set by the government and is essential for calculating the financial obligations during registration.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value for taxation purposes. This helps maintain transparency in property transactions and ensures that all parties comply with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Shanthi Nagar?

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

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 245 per sq.ft in 2007 to Rs 1,200 per sq.ft in both the 2012 and 2024 revisions, with notable changes in between.

What is the land classification for Shanthi Nagar?

The land classification for Shanthi Nagar is Commercial Special Type - I.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated in Shanthi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 12,00,000, the stamp duty at 7% would be Rs 84,000.