Guideline Value for Shanthi Niketan Colony 1st Street

Shanthi Niketan Colony 1st Street guideline value

The current guideline value of Shanthi Niketan Colony 1st Street 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 1st Street has changed

The guideline value for Shanthi Niketan Colony 1st Street has seen several revisions over the years. In the 2012 revision, the guideline value was set at Rs 3,000 per sq.ft. However, this figure decreased to Rs 2,010 per sq.ft in the 2017 revision. The most recent revision in 2024 has increased the guideline value to Rs 3,300 per sq.ft, marking a significant increase of 64% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, placing Shanthi Niketan Colony 1st Street's 2024 figure above that median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. 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 Niketan Colony 1st Street?

The Shanthi Niketan Colony 1st Street falls under 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 further assistance.

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

The guideline value serves as a benchmark for property transactions in Madambakkam. When buying or selling property, this value is used to determine the applicable stamp duty and registration fees, ensuring that both parties are aware of the financial obligations involved in the transaction.

It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process. This value is updated periodically, reflecting changes in the real estate market and local regulations.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, and then increased to Rs 3,300 per sq.ft in 2024. Overall, from 2012 to 2024, the value has increased by 10%.

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

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

What is the registration office for this area?

The registration office covering Shanthi Niketan Colony 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for properties in this area?

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