Guideline Value for Shanthi Nagar

Shanthi Nagar guideline value

The current guideline value of Shanthi Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Shanthi Nagar has changed

Shanthi Nagar has seen several revisions in its guideline value over the years. In the 2007 revision, the guideline value was Rs 120 per sq.ft. This figure rose significantly to Rs 1,500 per sq.ft in the 2012 revision, marking an increase of 1,150%. However, in the 2017 revision, the value decreased to Rs 1,005 per sq.ft, a drop of 33%. The 2023 revision saw the value rise to Rs 1,500 per sq.ft, followed by another increase to Rs 1,650 per sq.ft in the 2024 revision, representing a 10% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 1,275%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the guideline value of Shanthi Nagar for 2024.

• Shanthinikethan Nagar: Rs 1,650 per sq.ft (2024)
• Shanthinikethan Nagar Extension: Rs 1,650 per sq.ft (2024)
• Shanmuga Nagar: Rs 990 per sq.ft (2024)
• Shakthi Nagar: Rs 1,650 per sq.ft (2024)
• Seshadri Nagar: Rs 990 per sq.ft (2024)
• Serasa Sangaamam Avenue: Rs 2,300 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. Please 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 details.

Which Sub Registrar Office covers Shanthi Nagar?

The Sub Registrar Office that covers Shanthi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Varadarajapuram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration process reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Shanthi Nagar?

The current guideline value of Shanthi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 120 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, showing an overall increase of 1,275% over the years.

What is the land classification of Shanthi Nagar?

Shanthi Nagar is classified as Residential Special Type - II.

Where can I find the registration office for Shanthi Nagar?

The registration office for Shanthi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated in Shanthi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot of 1,000 sq.ft at the guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000.