Guideline Value for Shanthi Niketan Colony 1st Main Road

Shanthi Niketan Colony 1st Main Road guideline value

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

The guideline value for Shanthi Niketan Colony 1st Main Road has seen revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 3,000 per sq.ft. From 2012 to 2024, the value increased by 10%, resulting in the current rate of Rs 3,300 per sq.ft. There are no figures available for the revisions in 2023, 2017, 2007, 2003, and 2002 for this street.

In summary, the only recorded revisions for this street are from 2012 at Rs 3,000 per sq.ft to the current figure of Rs 3,300 per sq.ft in 2024. The increase reflects a 10% rise over the 12-year period.

Guideline values in Madambakkam

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

• Shanthi Niketan Colony 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 1st Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Niketan Colony 1st 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 together to Rs 2,97,000. 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 accurate calculations.

Which Sub Registrar Office covers Shanthi Niketan Colony 1st Main Road?

The Sub Registrar Office that covers Shanthi Niketan Colony 1st 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 a crucial factor during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded at a fair value as per government regulations.

When buying or selling property, it is essential to be aware of the current guideline value, as it can significantly impact the overall cost of the transaction. Buyers and sellers should consult the latest figures to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Shanthi Niketan Colony 1st Main Road?

The current guideline value of Shanthi Niketan Colony 1st 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, marking a 10% increase over this period.

What is the land classification for Shanthi Niketan Colony 1st Main Road?

The land classification for Shanthi Niketan Colony 1st Main Road is Residential Special Type - III.

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.

How is stamp duty calculated for property transactions?

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