Guideline Value for Shanthi NiketanColony 3rd Main Road

Shanthi NiketanColony 3rd Main Road guideline value

The current guideline value of Shanthi NiketanColony 3rd Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - III.

How the guideline value of Shanthi NiketanColony 3rd Main Road has changed

The guideline value for Shanthi NiketanColony 3rd Main Road has undergone several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 3,000 per sq.ft. This figure remained the same until the next revision in 2017, which saw a decrease to Rs 2,010 per sq.ft. Following this, in 2023, the guideline value increased significantly to Rs 3,000 per sq.ft, and the latest revision in 2024 set it at Rs 3,300 per sq.ft. Notably, the register has no figures for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%, but it increased by 49% from 2017 to 2023. The transition from 2023 to 2024 reflects a 10% increase. 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 for these streets is Rs 2,400 per sq.ft, placing the 2024 guideline value of Shanthi NiketanColony 3rd Main Road above this median.

• Shanthi Niketan Colony 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Colony 4th 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 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi NiketanColony 3rd Main Road

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, charged at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator to estimate your fees accurately.

Which Sub Registrar Office covers Shanthi NiketanColony 3rd Main Road?

The Sub Registrar Office that covers Shanthi NiketanColony 3rd Main Road 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 in the registration process 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 recorded accurately and transparently.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of ownership. Buyers and sellers must be aware of these values to ensure compliance with local regulations during the transaction.

Frequently asked questions

What is the current guideline value of Shanthi NiketanColony 3rd Main Road?

The current guideline value of Shanthi NiketanColony 3rd Main Road 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 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024. The register has no figures for the years 2002, 2003, and 2007.

What is the land classification for Shanthi NiketanColony 3rd Main Road?

Shanthi NiketanColony 3rd Main Road 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 is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for this area 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 manages the registration of properties in the area.