Guideline Value for Shanthi Niketan Colony Extension Area

Shanthi Niketan Colony Extension Area guideline value

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

How the guideline value of Shanthi Niketan Colony Extension Area has changed

The guideline value has undergone several revisions over the years. The earliest recorded revision available is from 2012, where the value was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. The 2023 revision saw a significant increase to Rs 3,000 per sq.ft, and the most recent 2024 revision has further increased it to Rs 3,300 per sq.ft.

Between the revisions, there have been notable changes. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the guideline value increased by 49%. The transition from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

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 of Shanthi Niketan Colony Extension Area is above this median.

• Shanthi Niketan Colony Ext: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony Main Road: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 4th Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Koil Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 4th Cross Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Vinayagar Koil 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Niketan Colony Extension Area

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, while the registration fee at 2% would be Rs 66,000. Together, the total costs would amount to Rs 2,97,000. It's important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Shanthi Niketan Colony Extension Area?

The Shanthi Niketan Colony Extension Area falls under 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 critical component when registering property transactions in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a buyer or seller engages in a transaction, the guideline value is used to calculate the fees, ensuring that the government receives the appropriate revenue from property sales. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Shanthi Niketan Colony Extension Area?

The current guideline value of Shanthi Niketan Colony Extension Area 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, marking a 10% increase. The value was Rs 2,010 per sq.ft in 2017, showing a significant increase of 49% up to 2023.

What is the land classification of Shanthi Niketan Colony Extension Area?

Shanthi Niketan Colony Extension Area is classified as Residential Special Type - III, indicating its suitability for residential purposes.

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 this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000, leading to a stamp duty of Rs 2,31,000.