Guideline Value for Shanthi Niketan Colony 2nd Street

Shanthi Niketan Colony 2nd Street guideline value

The current guideline value for Shanthi Niketan Colony 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, and it falls under the Residential Special Type - III land classification.

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

The guideline value for Shanthi Niketan Colony 2nd Street has seen several revisions over the years. The earliest recorded value was Rs 3,000 per sq.ft in 2012, which then changed to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33%. Following that, the value increased significantly to Rs 3,000 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

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

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 guideline value in this village is Rs 2,400 per sq.ft, positioning Shanthi Niketan Colony 2nd Street above this median.

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

Stamp duty and registration fee for property in Shanthi Niketan Colony 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value totals Rs 33,00,000. The stamp duty at 7% amounts to Rs 2,31,000, and the registration fee at 2% is Rs 66,000, bringing the total fees 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.

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

Which Sub Registrar Office covers Shanthi Niketan Colony 2nd Street?

The Sub Registrar Office that covers Shanthi Niketan Colony 2nd 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 details.

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

The guideline value is a crucial factor when registering property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, it is essential to consider the guideline value as it affects the stamp duty and registration fees payable. Buyers should be aware that these costs are calculated based on the higher of the guideline value or the sale price, which can significantly impact the total expenses involved in a property transaction.

Frequently asked questions

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

The current guideline value of Shanthi Niketan Colony 2nd 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, then to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

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

Shanthi Niketan Colony 2nd Street falls under the Residential Special Type - III land classification.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers this street?

The Selaiyur Sub Registrar Office covers Shanthi Niketan Colony 2nd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.