Guideline Value for Shanthi Niketan Vinayagar Koil Street Extention

Shanthi Niketan Vinayagar Koil Street Extention guideline value

The current guideline value of Shanthi Niketan Vinayagar Koil Street Extention is Rs 3,300 per sq.ft. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - III.

How the guideline value of Shanthi Niketan Vinayagar Koil Street Extention has changed

The guideline value for this street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 2,010 per sq.ft. The subsequent revisions saw an increase, with the 2023 revision marking the value at Rs 3,000 per sq.ft, and the current 2024 revision increasing it to Rs 3,300 per sq.ft, reflecting a 10% rise.

Notably, there are no figures available for the revisions in 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 value is Rs 2,400 per sq.ft, placing the 2024 figure for Shanthi Niketan Vinayagar Koil Street Extention above this median.

• Shanthi Niketan Vinayagar Koil Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Annex: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Vinayagar Koil 2nd Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony Extention 1st Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Vinayagar Koil 1st Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony Extention 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Niketan Vinayagar Koil Street Extention

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 amount to 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanthi Niketan Vinayagar Koil Street Extention?

The Sub Registrar Office covering Shanthi Niketan Vinayagar Koil Street Extention 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 when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and legally within the framework of property laws.

Frequently asked questions

What is the current guideline value of Shanthi Niketan Vinayagar Koil Street Extention?

The current guideline value of Shanthi Niketan Vinayagar Koil Street Extention 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. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing a significant rise over the years.

What is the land classification of this street?

The land classification for Shanthi Niketan Vinayagar Koil Street Extention is Residential Special Type - III.

Where is the Selaiyur Sub Registrar Office 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.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.