Guideline Value for Shanthi Niketan Colony Ext

Shanthi Niketan Colony Ext guideline value

The current guideline value of Shanthi Niketan Colony Ext 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 Ext has changed

The guideline value for Shanthi Niketan Colony Ext has seen several revisions over the years. 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 2017. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the latest revision in 2024 has raised it to Rs 3,300 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%. The change from 2023 to 2024 reflects a 10% rise. 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, and 2007 for this street.

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 for these streets is Rs 2,400 per sq.ft, making the 2024 guideline value of Shanthi Niketan Colony Ext above this median.

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

Stamp duty and registration fee for property in Shanthi Niketan Colony Ext

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, making the total fees together Rs 2,97,000. It is essential to 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 Ext?

The Sub Registrar Office that covers Shanthi Niketan Colony Ext 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 plays a crucial role during the registration of property transactions in Madambakkam. It serves as a reference point for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, it is important to understand that the guideline value may influence the sale price, as it establishes a baseline for valuation. Buyers and sellers should be aware of the guideline value to make informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Shanthi Niketan Colony Ext?

The current guideline value of Shanthi Niketan Colony Ext 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 2023 to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. From 2017 to 2023, it increased by 49%, while it decreased by 33% from 2012 to 2017.

What is the land classification of Shanthi Niketan Colony Ext?

Shanthi Niketan Colony Ext is classified as Residential Special Type - III.

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.

How is the stamp duty calculated for property in Shanthi Niketan Colony Ext?

Stamp duty is calculated at 7% of 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 amount to Rs 2,31,000.