Guideline Value for Shanthi Nagar

Shanthi Nagar guideline value

The current guideline value of Shanthi Nagar, located in Saligramam village under the Virugambakkam SRO, is Rs 4,950 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Shanthi Nagar has changed

The guideline value for Shanthi Nagar has seen significant changes over the years. In the 2002 revision, the guideline value was Rs 1,619 per sq.ft. This increased to Rs 1,768 per sq.ft in 2003, marking a rise of 9%. The value continued to increase, reaching Rs 2,100 per sq.ft in 2007, which was a 19% increase from the previous year. In 2012, the value was recorded at Rs 4,500 per sq.ft, reflecting a substantial increase of 114% from 2007. However, in 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of 33%.

From 2017 to 2023, the guideline value rose to Rs 4,500 per sq.ft, representing a significant increase of 49%. The most recent revision in 2024 set the guideline value at Rs 4,950 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 206%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing the guideline value of Shanthi Nagar above this median.

• Sethu Street: Rs 3,850 per sq.ft (2024)
• Senghalvarayan Street: Rs 3,300 per sq.ft (2024)
• Sengavara Raju Street: Rs 3,300 per sq.ft (2024)
• Seenivasan Street: Rs 3,300 per sq.ft (2024)
• S.K.Babu Street: Rs 3,300 per sq.ft (2024)
• Satya Garden - V.V. Giri Street: Rs 5,500 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 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000. Together, the total cost for these fees would be Rs 4,45,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanthi Nagar?

The Sub Registrar Office that covers Shanthi Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

When a property is sold, the guideline value is used to calculate applicable fees, including stamp duty and registration fees. These fees are essential for legal documentation and transfer of ownership, ensuring that all transactions are recorded accurately in the public registry.

Frequently asked questions

What is the current guideline value of Shanthi Nagar?

The current guideline value of Shanthi Nagar is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,619 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, showing an overall increase of 206% over this period.

What are the other streets in Saligramam and their rates?

Other streets in Saligramam include Sethu Street at Rs 3,850 per sq.ft, and several streets at Rs 3,300 per sq.ft. The highest rate in the area is Rs 5,500 per sq.ft on Satya Garden - V.V. Giri Street.

What fees are associated with buying property in Shanthi Nagar?

When buying property in Shanthi Nagar, buyers should expect to pay a stamp duty of 7% and a registration fee of 2% on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Shanthi Nagar located?

The Sub Registrar Office for Shanthi Nagar is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.