Guideline Value for Shanthi Nikethan Colony Extention 3rd Street

Shanthi Nikethan Colony Extention 3rd Street guideline value

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

The guideline value for Shanthi Nikethan Colony Extention 3rd Street has undergone several revisions over the years. The earliest recorded value is from 2012, which was Rs 3,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 2,010 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 3,000 per sq.ft in 2023, followed by a further increase to Rs 3,300 per sq.ft in 2024, reflecting a 10% rise.

Between the 2017 and 2023 revisions, the guideline value saw a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. 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 that carry a 2024 guideline value, 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, which indicates that the 2024 guideline value for Shanthi Nikethan Colony Extention 3rd Street is above this median.

• Shanthi Nikethan Colony Extention 1st Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony Extention 2nd Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony Extention 4th Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony Extention 5th Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Annex: Rs 3,300 per sq.ft (2024)
• Shanthi Nikethan Colony Extention Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Nikethan Colony Extention 3rd Street

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 fees to 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 also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Shanthi Nikethan Colony Extention 3rd Street?

The Sub Registrar Office that covers Shanthi Nikethan Colony Extention 3rd 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 a crucial factor in property transactions in Madambakkam. It serves as the basis for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shanthi Nikethan Colony Extention 3rd Street?

The current guideline value of Shanthi Nikethan Colony Extention 3rd 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 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for this area?

The land classification for Shanthi Nikethan Colony Extention 3rd Street is Residential Special Type - III.

Which Sub Registrar Office covers this street?

The Selaiyur Sub Registrar Office covers Shanthi Nikethan Colony Extention 3rd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties in this area?

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