Guideline Value for Shanthi Niketan Colony 2nd Cross Street

Shanthi Niketan Colony 2nd Cross Street guideline value

The current guideline value of Shanthi Niketan Colony 2nd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Residential Special Type - III.

How the guideline value of Shanthi Niketan Colony 2nd Cross Street has changed

In the 2012 revision, the guideline value was set at Rs 3,000 per sq.ft. This was followed by a decrease in the 2017 revision, where the value dropped to Rs 2,010 per sq.ft, marking a decline of 33%. However, the most recent 2024 revision saw a significant increase to Rs 3,300 per sq.ft, which represents a 64% rise from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street in the register.

Guideline values in Madambakkam

In Madambakkam, there are 1151 streets under the Selaiyur SRO with a 2024 guideline value 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, making the guideline value of Rs 3,300 per sq.ft for Shanthi Niketan Colony 2nd Cross Street above the median.

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

Stamp duty and registration fee for property in Shanthi Niketan Colony 2nd Cross 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 be Rs 2,31,000 and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It is important to note that the 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 2nd Cross Street?

The Sub Registrar Office that covers Shanthi Niketan Colony 2nd Cross Street 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 in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, ensuring that both parties adhere to the legal requirements.

It is essential for buyers and sellers to be aware of the guideline value, as it can affect the overall cost of the transaction. Proper understanding of the guideline value can help in making informed decisions during property dealings in Madambakkam.

Frequently asked questions

What is the current guideline value of Shanthi Niketan Colony 2nd Cross Street?

The current guideline value of Shanthi Niketan Colony 2nd Cross 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, this represents a 10% increase from 2012 to 2024.

What is the land classification for Shanthi Niketan Colony 2nd Cross Street?

Shanthi Niketan Colony 2nd Cross Street is classified as Residential Special Type - III. This classification influences the guideline value and property usage in the area.

Where can I find the Selaiyur Sub Registrar Office?

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.

How is stamp duty calculated for properties in Shanthi Niketan Colony 2nd Cross Street?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. 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%.