Guideline Value for Shanthi Street

Shanthi Street guideline value

The current guideline value of Shanthi Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Shanthi Street has changed

In the 2012 revision, the guideline value for Shanthi Street was Rs 4,000 per sq.ft. This figure increased to Rs 4,400 per sq.ft in the 2024 revision, marking a change of +10%. The register has no figures for the years 2023, 2017, 2007, 2003, and 2002.

Comparing the revisions, the 2012 value of Rs 4,000 per sq.ft was the only figure recorded prior to 2024. The guideline value has now reached Rs 4,400 per sq.ft, which aligns with the median value of Rs 4,400 per sq.ft for other streets in Velachery under the Velacheri SRO.

Guideline values in Velachery

In Velachery, there are 2,691 streets that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. Shanthi Street's 2024 guideline value of Rs 4,400 per sq.ft is equal to the median value of this range. Below are some other streets in Velachery:

• Shawallace Colony: Rs 4,400 per sq.ft (2024)
• Shawallace Colony 1st Street: Rs 3,300 per sq.ft (2024)
• Shawallace Colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Shawallace Colony 3rd Street: Rs 3,850 per sq.ft (2024)
• Shanthi 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Shanthi 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanthi Street?

The Sub Registrar Office that covers Shanthi Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Velachery. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring compliance with local regulations.

When buying or selling property, the guideline value helps establish a fair basis for the transaction, as it reflects the official valuation set by the government. Buyers and sellers should be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Shanthi Street?

The current guideline value of Shanthi Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 4,000 per sq.ft in 2012 to Rs 4,400 per sq.ft in 2024, which is a change of +10%. There are no figures available for the years 2023, 2017, 2007, 2003, and 2002.

What is the classification of Shanthi Street?

Shanthi Street is classified as Residential Class II Type - II under the guideline value register.

Where can I find the Sub Registrar Office for Shanthi Street?

The Sub Registrar Office for Shanthi Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Shanthi Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot valued at Rs 4,400 per sq.ft, the total stamp duty would be Rs 3,08,000.