Guideline Value for Shanthi Niketan Colony Main Road

Shanthi Niketan Colony Main Road guideline value

The current guideline value of Shanthi Niketan Colony Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of Shanthi Niketan Colony Main Road has changed

The guideline value for Shanthi Niketan Colony Main Road has seen changes over the years, with the most recent revision in 2024 setting the value at Rs 3,300 per sq.ft. Prior to this, the 2012 revision recorded a value of Rs 3,000 per sq.ft, indicating a 10% increase over the 12-year period.

There are no recorded figures for the revisions in 2023, 2017, 2007, 2003, and 2002 for this street. Thus, the only available figures are from the 2012 and 2024 revisions.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, placing the 2024 figure for Shanthi Niketan Colony Main Road above this median.

• Shanthi Niketan Colony Extension Area: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Koil Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony Ext: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Vinayagar Koil 1st Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 4th Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Vinayagar Koil 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Niketan Colony Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanthi Niketan Colony Main Road?

The Sub Registrar Office that covers Shanthi Niketan Colony Main Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 is an essential factor in property transactions in Madambakkam, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction.

It is crucial for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to accurately assess the financial implications of the transaction. Buyers should also consider the guideline value when negotiating the sale price to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Shanthi Niketan Colony Main Road?

The current guideline value of Shanthi Niketan Colony Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, representing a 10% increase over 12 years. There are no recorded figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

What is the median guideline value in Madambakkam?

The median guideline value for streets in Madambakkam is Rs 2,400 per sq.ft. The guideline value for Shanthi Niketan Colony Main Road is above this median.

How is stamp duty calculated for properties in Shanthi Niketan Colony Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles registrations for properties in the area, including Shanthi Niketan Colony Main Road.