Guideline Value for Shanthi Nikethan Annex

Shanthi Nikethan Annex guideline value

The current guideline value of Shanthi Nikethan Annex is Rs 3,300 per sq.ft, effective from 1 July 2024. This property is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of Shanthi Nikethan Annex has changed

The guideline value for Shanthi Nikethan Annex has undergone several revisions over the years. The earliest recorded revision in 2012 set the value at Rs 3,000 per sq.ft. This figure remained unchanged until the 2017 revision, which decreased the value to Rs 2,010 per sq.ft, marking a decline of 33%. However, the value rebounded significantly in the 2023 revision, increasing to Rs 3,000 per sq.ft, followed by a further increase to Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% rise.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no recorded 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, with the 2024 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, positioning the guideline value of Shanthi Nikethan Annex above this median.

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

Stamp duty and registration fee for property in Shanthi Nikethan Annex

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. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanthi Nikethan Annex?

The Sub Registrar Office that covers Shanthi Nikethan Annex 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

When buying or selling property in Madambakkam, the guideline value serves as a benchmark for determining the minimum value of the property for registration purposes. This value is crucial as it impacts the stamp duty and registration fees that need to be paid during the transaction.

It is essential for buyers and sellers to be aware of the guideline value, as it ensures that the transaction is recorded accurately and complies with the legal requirements set forth by the registration department. This helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Shanthi Nikethan Annex?

The current guideline value of Shanthi Nikethan Annex 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 and Rs 3,000 per sq.ft in 2012.

What is the land classification of Shanthi Nikethan Annex?

The land classification for Shanthi Nikethan Annex is Residential Special Type - III.

Where can I find the Sub Registrar Office for Shanthi Nikethan Annex?

The Selaiyur Sub Registrar Office covers Shanthi Nikethan Annex and 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 properties in Shanthi Nikethan Annex?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,31,000.