Guideline Value for Shanthi Niketan Colony

Shanthi Niketan Colony guideline value

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

How the guideline value of Shanthi Niketan Colony has changed

The guideline value for Shanthi Niketan Colony has seen a revision from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, which represents a 10% increase over this period. The register does not provide figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

Prior to the 2012 revision, the guideline value was Rs 3,000 per sq.ft. There are no figures available for the revisions in 2023, 2017, 2007, 2003, and 2002, indicating that the only recorded changes are between 2012 and 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 for Shanthi Niketan Colony is above this median.

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

Stamp duty and registration fee for property in Shanthi Niketan Colony

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 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 precise calculations.

Which Sub Registrar Office covers Shanthi Niketan Colony?

The Sub Registrar Office that covers Shanthi Niketan Colony 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 plays a crucial role in the registration process of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value of the property for the purpose of calculating stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as set by the Registration Department. This helps in maintaining transparency in property transactions.

Frequently asked questions

What is the current guideline value of Shanthi Niketan Colony?

The current guideline value of Shanthi Niketan Colony is Rs 3,300 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

From the 2012 revision, the guideline value increased from Rs 3,000 per sq.ft to Rs 3,300 per sq.ft in 2024, marking a 10% increase. The register does not provide figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

What is the land classification of Shanthi Niketan Colony?

Shanthi Niketan Colony is classified as Residential Special Type - III, which indicates its designated use for residential purposes.

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 would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. The duty is charged on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Shanthi Niketan Colony located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles registrations for properties in Shanthi Niketan Colony.