Guideline Value for Shanthi Niketan Colony 3rd Cross Street

Shanthi Niketan Colony 3rd Cross Street guideline value

The current guideline value of Shanthi Niketan Colony 3rd 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, and it is classified as Residential Special Type - III.

How the guideline value of Shanthi Niketan Colony 3rd Cross Street has changed

Over the years, the guideline value for Shanthi Niketan Colony 3rd Cross Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,000 per sq.ft in the 2023 revision and further rose to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, when comparing 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, and 2007 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, with a median value of Rs 2,400 per sq.ft. The guideline value for Shanthi Niketan Colony 3rd Cross Street is above this median.

• Shanthi Niketan Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 3rd Main Road: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 4th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Niketan Colony 3rd 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 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 detailed calculations.

Which Sub Registrar Office covers Shanthi Niketan Colony 3rd Cross Street?

The Sub Registrar Office that covers Shanthi Niketan Colony 3rd 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 during property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on it.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This helps maintain transparency in the real estate market and ensures that all applicable taxes are appropriately calculated and paid.

Frequently asked questions

What is the current guideline value for Shanthi Niketan Colony 3rd Cross Street?

The current guideline value for Shanthi Niketan Colony 3rd 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 seen several revisions, starting from Rs 3,000 per sq.ft in 2012, decreasing to Rs 2,010 per sq.ft in 2017, and then rising to Rs 3,300 per sq.ft in 2024.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles registrations for Shanthi Niketan Colony 3rd Cross Street?

The Selaiyur Sub Registrar Office handles registrations for Shanthi Niketan Colony 3rd Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai.

What is the significance of the guideline value in property transactions?

The guideline value serves as a benchmark for property registration, ensuring that transactions are recorded at a fair value. It is also used to calculate the applicable stamp duties and registration fees.