Guideline Value for Shanthinikethan Nagar

Shanthinikethan Nagar guideline value

The current guideline value of Shanthinikethan Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This locality is situated in Varadarajapuram village under the Padappai SRO, classified as Residential Special Type - II.

How the guideline value of Shanthinikethan Nagar has changed

The guideline value for Shanthinikethan Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 270 per sq.ft, which saw a significant increase to Rs 1,500 per sq.ft in 2012. However, it then decreased to Rs 1,005 per sq.ft in 2017. The value rose again to Rs 1,500 per sq.ft in 2023 before reaching the current rate of Rs 1,650 per sq.ft in 2024.

Between these revisions, the changes were notable. From 2007 to 2012, there was a remarkable increase of 456%. However, from 2012 to 2017, the value decreased by 33%. The guideline value then surged by 49% from 2017 to 2023, followed by a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 511%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current guideline value for Shanthinikethan Nagar.

• Shanthinikethan Nagar Extension: Rs 1,650 per sq.ft (2024)
• Shanthi Nagar: Rs 1,650 per sq.ft (2024)
• Shanmuga Nagar: Rs 990 per sq.ft (2024)
• Shoba Empire: Rs 2,630 per sq.ft (2024)
• Shobha Castle Phase - II - Radhakrishnan Nagar: Rs 2,510 per sq.ft (2024)
• Shobha Castle Phase - I - Radhakrishnan Nagar: Rs 2,510 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthinikethan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Shanthinikethan Nagar?

The Sub Registrar Office that covers Shanthinikethan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

When buying or selling property in Varadarajapuram, the guideline value plays a crucial role during the registration process. It is used to determine the stamp duty and registration fees that must be paid, ensuring compliance with local regulations.

The guideline value is assessed based on various factors, including the locality and land classification. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used to calculate the applicable fees.

Frequently asked questions

What is the current guideline value of Shanthinikethan Nagar?

The current guideline value of Shanthinikethan Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 270 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Shanthinikethan Nagar?

Shanthinikethan Nagar is classified as Residential Special Type - II under the Padappai SRO.

Where can I find the Sub Registrar Office for Shanthinikethan Nagar?

The Sub Registrar Office for Shanthinikethan Nagar is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in Shanthinikethan Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 1,15,500.