Guideline Value for Shanthi Nikethan Colony Extention 5th Street

Shanthi Nikethan Colony Extention 5th Street guideline value

The current guideline value of Shanthi Nikethan Colony Extention 5th Street is Rs 3,300 per sq.ft. 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 5th Street has changed

The guideline value for Shanthi Nikethan Colony Extention 5th Street has seen several revisions over the years. The 2012 revision set the guideline value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. Following this, the value increased to Rs 3,000 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 3,300 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased significantly by 49%. The overall change from 2012 to 2024 shows a modest increase of 10% in the guideline value.

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, placing Shanthi Nikethan Colony Extention 5th Street above this median.

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

Stamp duty and registration fee for property in Shanthi Nikethan Colony Extention 5th Street

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 at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to 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.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Shanthi Nikethan Colony Extention 5th Street?

The Sub Registrar Office that covers Shanthi Nikethan Colony Extention 5th 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 plays a crucial role during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value as it influences the overall cost of the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Shanthi Nikethan Colony Extention 5th Street?

The current guideline value of Shanthi Nikethan Colony Extention 5th 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 street?

Shanthi Nikethan Colony Extention 5th Street is classified as Residential Special Type - III.

Which Sub Registrar Office covers this area?

The Selaiyur Sub Registrar Office covers Shanthi Nikethan Colony Extention 5th 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 at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.