Guideline Value for Shanthi Nikethan Colony Extention 2nd Street

Shanthi Nikethan Colony Extention 2nd Street guideline value

The current guideline value of Shanthi Nikethan Colony Extention 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. 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 Nikethan Colony Extention 2nd Street has changed

Over the years, the guideline value of Shanthi Nikethan Colony Extention 2nd Street has seen several revisions. The guideline value was Rs 3,000 per sq.ft in 2023, which increased to Rs 3,300 per sq.ft in 2024, marking a change of +10%. Prior to this, the value was Rs 2,010 per sq.ft in 2017, reflecting a significant increase of +49% over the six-year period. The value was Rs 3,000 per sq.ft in 2012, which was a decrease of -33% from the 2017 figure. It is important to note that 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%, with the current value being higher than the previous figures. The fluctuations in these values reflect the changes in the real estate landscape over the years.

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 guideline value in this area is Rs 2,400 per sq.ft, making the current value of Shanthi Nikethan Colony Extention 2nd Street above that median.

• Shanthi Nikethan Colony Extention 1st Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony Extention 3rd Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Annex: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony Extention 4th Street: Rs 3,300 per sq.ft (2024)
• Shanthi Niketan Vinayagar Koil Street Extention: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony Extention 5th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Nikethan Colony Extention 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, 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, making the total 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanthi Nikethan Colony Extention 2nd Street?

The Sub Registrar Office that covers Shanthi Nikethan Colony Extention 2nd 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 for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the buyer is required to pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Shanthi Nikethan Colony Extention 2nd Street?

The current guideline value of Shanthi Nikethan Colony Extention 2nd 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. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing various fluctuations over the years.

What is the median guideline value in Madambakkam?

The median guideline value in Madambakkam is Rs 2,400 per sq.ft. The current value of Rs 3,300 per sq.ft for Shanthi Nikethan Colony Extention 2nd Street is above this median.

What are the stamp duty rates applicable to properties in this area?

The stamp duty rate for properties in this area is 7%, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find more information about the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. You can find more information by visiting the relevant link.