Guideline Value for Shanthi Niketan Colony 2nd Main Road

Shanthi Niketan Colony 2nd Main Road guideline value

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

How the guideline value of Shanthi Niketan Colony 2nd Main Road has changed

The guideline value for this street has undergone several revisions over the years. The earliest available figure is from 2012, where it was set at Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. The most recent revision in 2024 has seen a significant increase to Rs 3,300 per sq.ft, marking a 64% rise from the 2017 figure.

From 2012 to 2017, the guideline value decreased by 33%. However, when comparing the overall figures from 2012 to 2024, there has been a slight increase of 10%. It is important to note that there are no figures available 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, indicating that Shanthi Niketan Colony 2nd Main Road's 2024 figure is above this median.

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

Stamp duty and registration fee for property in Shanthi Niketan Colony 2nd 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 fees to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanthi Niketan Colony 2nd Main Road?

The Sub Registrar Office that covers Shanthi Niketan Colony 2nd 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, within 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 critical factor in property transactions in Madambakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales. Buyers and sellers must be aware of this value to understand the financial implications of their transactions.

When a property is registered, the guideline value is used to determine the applicable fees, which can significantly impact the overall cost of the transaction. It is essential for both parties to be informed about the current guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Shanthi Niketan Colony 2nd Main Road?

The current guideline value of Shanthi Niketan Colony 2nd 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 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. There are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

What is the land classification for Shanthi Niketan Colony 2nd Main Road?

The land classification for Shanthi Niketan Colony 2nd Main Road is Residential Special Type - III.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Shanthi Niketan Colony 2nd Main Road 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 a rate of 7%.