Guideline Value for Shanthi Niketan Vinayagar Koil Street

Shanthi Niketan Vinayagar Koil Street guideline value

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

How the guideline value of Shanthi Niketan Vinayagar Koil Street 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 remained the same in the 2023 revision. However, the 2024 revision increased the value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year. The 2017 revision had a lower value of Rs 2,010 per sq.ft, marking a significant increase of 49% by 2023.

From 2012 to 2017, there was a decrease of 33%, but overall, from 2012 to 2024, the guideline value has increased by 10%. 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 have a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value is Rs 2,400 per sq.ft, placing Shanthi Niketan Vinayagar Koil Street above this median.

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

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

For a 1,000 sq.ft plot at the current rate, the 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, totaling Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Shanthi Niketan Vinayagar Koil Street?

The Sub Registrar Office that covers Shanthi Niketan Vinayagar Koil 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 here.

How the guideline value is used when you buy or sell in Madambakkam

The guideline value is an essential factor when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the actual sale price, whichever is higher. This process helps maintain transparency and accountability in property transactions.

Frequently asked questions

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

The current guideline value of Shanthi Niketan Vinayagar Koil 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 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, with various changes in between.

What is the median guideline value in Madambakkam?

The median guideline value in Madambakkam is Rs 2,400 per sq.ft. Shanthi Niketan Vinayagar Koil Street's 2024 value of Rs 3,300 per sq.ft is above this median.

What are the stamp duty and registration fees for property 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. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for this street?

The Selaiyur Sub Registrar Office handles property registrations for Shanthi Niketan Vinayagar Koil Street. It is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.